KOCHI: The Benami Prohibition Unit (BPU) under the Income Tax (I-T) Department, Kochi, has attached properties allegedly bought by M K R Pillai, chairman of the Pandalam-based Sreevalsam Group, using benamis at Cheppad in Alappuzha.This is the first property attachment by BPU in Kerala ever since it started operations in September this year. An I-T officer here said the department has attached the open land brought in the name of Radhamani and Dileep at Cheppad in Alappuzha. While Radhamani is a close associate of Pillai, Dileep is his relative.
“A notice was served on the persons concerned as part of the probe into the alleged black money hoarding by the Sreevalsam Group. After hearing the persons concerned, we decided to proceed with the attachment of properties,” the officer said.BPU has served notice on more persons associated with Sreevalsam Group and Pillai. “This is the first attachment in Kerala after the Benami Transactions (Prohibition) Amendment Act came into force this year. Pillai had bought properties using benamis in Kerala as well as other states.
Notice has been issued to other persons for providing details about the property ownership and the source of money for purchasing it,” the officer said. As part of investigation against Pillai, the I-T Department has decided to collect information from top cops in Nagaland on the establishments owned by Pillai in the North-Eastern state.
A comprehensive report will be prepared, based on which a decision will be taken on initiating action against the business group. 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 `1,000 crore and it was allegedly hoarding `400 crore in black money sourced from Nagaland.