Tax officials raid Chennai-based financing groups, detect illegal income of Rs 300 crore

The Income Tax Department has detected undisclosed income of over Rs 300 crore by two private Chennai-based syndicate financing groups, officials said.

The Income Tax Department has detected undisclosed income of over Rs 300 crore by two private Chennai-based syndicate financing groups, officials said. Over 35 premises linked to these firms were searched by IT officials on September 23, 2021.

IT officials have alleged that they have found evidence suggesting these groups have lent to various big corporate houses and businesses in Tamil Nadu, a substantial portion of which is in cash.