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.