CHENNAI: The Income Tax Department seized unaccounted cash worth more than Rs 12 crore during search and seizure operation on a Neyveli-based group, engaged in the business of chit funds, finance and real estate.
The group also runs educational institutions through its trusts. The search, being carried out on December 16, covered around 30 premises located at Neyveli, Chennai, Coimbatore, Nilgiris, etc, according to a release. A remotely located cloud server containing a parallel set of books of account secretly maintained by key persons of the group has been unearthed. Various documentary and digital evidence were also seized.