IT Raid On Saravana Stores : Gold, cash seized
Posted on: 20/Aug/2011 4:32:37 AM - No. of views : (6567)
After 36 hours of non-stop raids on the Saravana Stores Enterprises retail chain and the residential premises of its owners at Thyagaraya Nagar, Income Tax officials seized a huge haul of gold, jewellery, cash and documents on Friday
After raids across 27 business and residential establishments belonging to the families of the brothers-trio, Selvarathinam, Rajarathinam and Yogarathinam, the officials seized about eight kg of 24-carat gold bars from one place and around two kg of unaccounted personal jewellery from another. They also found `1.25 crore of unaccounted cash stashed away at another location.
A senior IT official said .�We received information that they were evading tax and investing the money in stocks.�
�We also came to know that several stocks of textiles, gold and other goods in the shops were not fully accounted,� he added.
