12 kg gold, 626 carats of diamonds seized during Saravana Stores raids; tax evasion worth Rs 433 crore

The raids also revealed that money was being paid in real estate aggregation through the real estate firms.

Published: 07th February 2019 03:51 PM  |   Last Updated: 07th February 2019 05:55 PM   |  A+A-

saravana stores

Saravana Stores in T Nagar remained shut last week after Income Tax department conducted raids at the store premises. (File photo | DEBADATTA MALLICK/EPS)

By Express News Service

CHENNAI: The recent raids by Income Tax Department on retail giant Saravana Stores, Revathi Stores, a retailer based in Perambur,  and real estate firms G Square and Lotus Group has resulted in the seizure of 12.53kg of gold and 626 carats worth diamonds, according to an Income Tax official.

The raids which were conducted at 74 locations, 72 in Chennai and 2 in Coimbatore have revealed that the tax evasion was worth Rs 433.13 crore. The raids also revealed that money was being paid in real estate aggregation through the real estate firms. The alleged role of these realty companies G Square and Lotus Group was to amass land parcels for Saravana stores

Sources indicated that total cash seizure during the raids was Rs 24.36 crore.

Sources also said that that Income Tax officials also found out suppression of sales by manipulating the sales which could be approximately around Rs 1,5000 crore.

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  • Vikram

    Time for Saravana Stores Arul to start a political party
    8 months ago reply
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