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I-T raids conclude at SPK and Company; total cash recovery touches Rs 163 crore

Several documents in the form of loose sheets, diaries, registers and hard discs have been taken into custody.

Published: 18th July 2018 04:00 AM  |   Last Updated: 18th July 2018 04:00 AM   |  A+A-

Enforcement Directorate raids seven Delhi locations in Gujarat pharma PMLA case

Image used for representational purpose only.

By Express News Service

CHENNAI: Income Tax department officials have seized 163 crore cash and gold weighing over 100 kg from 10 premises linked to Nagarajan Seyyadurai, promoter of SPK and Company Private limited where he had parked them for safe custody, even as the searches concluded on the second day.

Seyyadurai, known to have close links with political bigwigs, has interests in Sri Balaji Tollways (Madurai) Pvt Limited, SPK and Co Expressway (P) Ltd. and SPK Spinners (P) Ltd. Income Tax sources said SPK and Co are engaged in civil construction work mainly on highways and road bridges while the other companies are into the businesses of the hotel, blue metal and tollways.

The department said during the raids, cash worth 24 lakh was recovered from Seyyadurai’s home, the remaining cash and gold were found in 10 different locations belonging to his employees and two BMW cars. While Seyyadurai is well connected to top echelons of politics and a director in two of his firms is well connected to a relative of a top politician, I-T department ruled out that the searches were political in nature.

Interestingly, the significance of the searches is attributed to the visit of BJP president Amit Shah to the State recently, during which he alleged that Tamil Nadu was among the most corrupt States in the country.   
Income tax department said apart from unaccounted assets, several documents in the form of loose sheets, diaries, registers and hard discs were also seized.

Seyyadurai had admitted the undisclosed assets and has explained about the modus operandi of generation and acquisition of these assets by inflating his sub-contract expenses and labour payments with the help of accommodative sub-contractors, chartered accountant and a jeweller who converted his unaccounted cash into gold, sources said.

‘Centre has not cancelled scholarship’

Chennai: Two weeks after Deputy Chief Minister O Panneerselvam said that State would fund the post-matric scholarship for Adi Dravidar students, which the Centre cancelled, former civil servant Christodas Gandhi charged that the Centre had not cancelled the scheme and already sanctioned funds for 2018-19. Intervening in the debate on demand for grants for Adi Dravidar Welfare department in the Assembly on July 4, Panneerselvam said the State’s contribution had increased to 1,526.46 crores from 353 crores for the scheme. “The scheme will be given to any seat which comes under the purview of the State fee regulation committee,” Christodas Gandhi said and added that there was no need for panic in the first place.

More from Tamil Nadu.

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  • Shankar

    Entire DMK and AIADMK MLA's and Ex Ministers and Present Ministers houses and business houses and Benami's should be raided. They had amazed wealth which no one can in the world.
    2 years ago reply
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