KOCHI: The Income Tax (I-T) wing investigating the flow of money sourced from Nagaland by Pandalam-based Sreevalsam group and its chairman M K R Pillai, a retired cop, will temporarily attach the properties of the group and the people associated with it. I-T officers said the move is being taken to prevent the sale or transfer of the properties which might end up affecting the probe.
“We have identified the properties and land assets in Kerala, Karnataka, Tamil Nadu, Nagaland and New Delhi owned by Pillai, his aides and relatives. Measures will be taken to prevent sale of the properties to ensure the probe is not affected. The properties registered in the name of various persons alone are worth around `600 crore. We are checking the source of the money used to purchase them,” said an I-T officer.
The I-T wing is yet to find the names of any bureaucrats or politicians of Nagaland who invested money with the group. The preliminary probe found the investors were mostly civilians from North-Eastern states.
The wing will hand over the details of the properties owned by the group to the Enforcement Directorate (ED). “ED’s assistance will be required to carry out attachment proceedings. A detailed report in this regard will be handed over to it. Until prosecution procedures are done, the properties will remain attached,” he said.
The I-T investigation wing had raided the group’s office and its members’ residences across the country a fortnight ago. The raids revealed the group owned properties and assets worth over `1000 crore and was allegedly hoarding `400 crore in black money sourced from Nagaland. Pillai is a consultant of Nagaland Police at present.