CHENNAI: The Income Tax Department on Friday searched nearly 25 to 30 locations linked to Pothys Private Ltd, one of Tamil Nadu’s largest textile and jewellery retailers, over suspected tax evasion. The coordinated raids spanned Chennai, Madurai, Tirunelveli, Kanniyakumari and Coimbatore.
The action comes at a sensitive moment for Pothys, which has been preparing for an initial public offering estimated at about Rs 1,200 crore. Proceeds from the listing are expected to fund the group’s expansion plans, strengthen supply chains and online sales platform.
In Chennai, Pothys Boutique remained shuttered, with a security guard telling TNIE that the closure was due to the ongoing operation. Officials also searched the Neelankarai residences of Pothys owner’s sons, Bodhraj and Ashok. The department is yet to disclose the scope of the raids or findings.
In Tiruchy, the searches were conducted at the showroom on West Boulevard Road and Swarna Mahal on NSB Road. The Madurai showroom, where the search began at 7 am, remained closed throughout the day, sources said.