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IT unearths massive unaccounted income from Saravana Stores!

Friday, February 8, 2019 • Tamil Comments

Following the raids in the popular Saravana Stores, Lotus Groups and GSquare in Chennai that has been happening since a week, unaccounted money, documents, and hundred of crores worth things including gold and diamonds have been found. As an early estimate, it has been said that the unaccounted income sums up to 433 crores.

This unaccounted income is split up as 25 crores cash, more than 600 carats of Diamonds and 12 kilos of Gold. It was following a lead gained by the IT officials regarding a van making rounds in the city with cash and documents that they decided to conduct the raids in 72 properties belonging to Yogarathinam of Saravana stores and Ramajayam of Lotus groups and GSquare. 

As per the Income tax officials, Ramajayam and Yogarathinam had placed the documents and unaccounted money in SUVs and instructed drivers to roam around the city and staffs belonging to their firms had deleted records as well as CCTV footages and after enquiry the SUVs were traced and information on unaccounted things buried in burial grounds/ dump yards were obtained. After the 9 day operation it was concluded that 284 crores of unaccounted income was attributed to Yogarthinam, while 149 crores to Ramajayam. As a shocking fact, it was revealed that Ramajayam, Yogarathinam and their aides had purchased 180 crores worth property in Chennai, all in cash.

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