I-T unearths tax evasion of ₹450 crore
Sivakumar.B@timesgroup.com
Chennai:22.07.2018
Close to a week into the I-T searches against highways contractor SPK and Co, its promoter Nagarajan Seyyadurai, his family members and associates in Chennai, Aruppukottai and Madurai, the income tax investigation officials have unearthed tax evasion of ₹450 crore. The agency also sealed a portion of the group’s Aruppukottai office on Friday. In Chennai, officials seized ₹2.1 crore more, taking the total cash seizure to more than ₹182 crore.
A team of officials from the investigation wing has been questioning family members of Seyyadurai in Aruppukottai since the searches started on Monday. The family owns several houses, offices, hotels and many business establishments in Aruppukottai.
“We have seized documents, pen drives, laptops and computer hard discs from the residences and offices in Chennai and Aruppukottai. The room in one of the offices has been sealed as there are many documents and lap tops which need to be verified. It will take more time to verify the documents,” said a senior investigation wing official.
I-T officials took Seyyadurai to Madurai after he told them that the account books are at his Madurai office. “We have found that the company evaded tax for many years. Their books are not clean. Only a portion of the total business has been accounted for,” said the official.
So far, 107 kg gold and jewellery have been seized. Of that, 101 kg is in bullion form. Some are 1 kg gold bars with foreign markings.
“The latest cash seizure was effected from a sub-contractor’s residence. We went there based on information that he was working with the SPK group. He could not give proper account for the money,” said the official.
The searches are far from over. “Since we continue to get information about the group, searches are likely to continue,” said the official.
One of the business associates of Nagarajan Seyyadurai is a close relative of a senior AIADMK leader. The firm the two operate has taken several crores worth projects in the state highways. In a complaint given to the DVAC, the DMK had recently listed out the projects taken up by the group. Seyyadurai’s firm is handling six-laning of the Vandalur- Walajabad road for ₹200 crore and a long list of road projects in several districts for more than ₹2,000 crore.
Sivakumar.B@timesgroup.com
Chennai:22.07.2018
Close to a week into the I-T searches against highways contractor SPK and Co, its promoter Nagarajan Seyyadurai, his family members and associates in Chennai, Aruppukottai and Madurai, the income tax investigation officials have unearthed tax evasion of ₹450 crore. The agency also sealed a portion of the group’s Aruppukottai office on Friday. In Chennai, officials seized ₹2.1 crore more, taking the total cash seizure to more than ₹182 crore.
A team of officials from the investigation wing has been questioning family members of Seyyadurai in Aruppukottai since the searches started on Monday. The family owns several houses, offices, hotels and many business establishments in Aruppukottai.
“We have seized documents, pen drives, laptops and computer hard discs from the residences and offices in Chennai and Aruppukottai. The room in one of the offices has been sealed as there are many documents and lap tops which need to be verified. It will take more time to verify the documents,” said a senior investigation wing official.
I-T officials took Seyyadurai to Madurai after he told them that the account books are at his Madurai office. “We have found that the company evaded tax for many years. Their books are not clean. Only a portion of the total business has been accounted for,” said the official.
So far, 107 kg gold and jewellery have been seized. Of that, 101 kg is in bullion form. Some are 1 kg gold bars with foreign markings.
“The latest cash seizure was effected from a sub-contractor’s residence. We went there based on information that he was working with the SPK group. He could not give proper account for the money,” said the official.
The searches are far from over. “Since we continue to get information about the group, searches are likely to continue,” said the official.
One of the business associates of Nagarajan Seyyadurai is a close relative of a senior AIADMK leader. The firm the two operate has taken several crores worth projects in the state highways. In a complaint given to the DVAC, the DMK had recently listed out the projects taken up by the group. Seyyadurai’s firm is handling six-laning of the Vandalur- Walajabad road for ₹200 crore and a long list of road projects in several districts for more than ₹2,000 crore.
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