The search on a city-based businessman and an associated builder and educationist continued for the second day as income tax department (I-T) teams are believed to have seized documents and records of financial transactions from their commercial and residential properties.The businessman, believed to be close to the kin of a prominent politician from Gujarat, has interests in pharmaceuticals, real estate, finance and the food business. The I-T department has remained tight-lipped about thesearch, as further details are likely to emerge later this week.Another search ahead of the festivities on real estate developers yielded records of transactions worth crores and overseas transactions which are currently under the scanner, sources said. tnn
We also published the following articles recently
Income tax searches continue in Coimbatore for second consecutive day
The income tax department has been conducting searches in Coimbatore for two consecutive days, targeting properties linked to the Minister for Public Works Department EV Velu and other individuals. The searches have taken place at various locations, including the residence of DMK functionary Meena Jayakumar and a real estate firm’s office. Earlier searches were completed at the residences of Sriram and DMK functionary SM Samy.
Income tax searches continue in properties linked to Tamil Nadu minister E V Velu
Income tax officials are carrying out searches for the second day in locations associated with Tamil Nadu public works and highways minister E V Velu. The searches are being conducted in Chennai, Tiruvannamalai, Karur, Coimbatore, and Ramanathapuram. The Arunai Educational Group, which belongs to Velu’s family, is also being searched. The investigation is focused on cash transactions between the minister and real estate developers, as well as cash fee collections from students. The searches are expected to continue for another two days before any official seizures are made.
Tax searches on Cong leaders, kin in Hyd yield Rs 3 crore cash
The Income Tax department conducted searches at 15 locations in Hyderabad, targeting mostly Congress leaders and individuals. They seized Rs 3 crore cash from three locations. The department is investigating whether the leaders hoarded cash for distribution in the upcoming elections. The searches were conducted at the residences and party offices of Giridhar Reddy, a relative of Bhuvanagiri Congress MP Komatireddy Venkat Reddy, and Kichannagari Laxma Reddy, a Congress candidate. Laxma Reddy alleged that the searches were politically motivated.