IT RAIDS IN TAMIL NADU: RS 160 CRORE IN CASH AND 100 KG GOLD SEIZED

In raids conducted at several premises of a road construction company in Tamil Nadu, the Income Tax officials on Monday unearthed around Rs 160 crore in cash and about 100 kg bullion. The IT department raided the premises of SPK and Company, a highways department contractor.

The raids were conducted on properties belonging to Nagarajan Seyyadurai, managing director of SPK and Co Expressway Pvt Ltd, in more than 30 locations in Chennai, Madurai, Aruppukottai. Reportedly, officials termed the recoveries as probably the highest so far in a raid anywhere in the country.

The IT department officials said that the cash was kept in big travel bags and in parked cars. They also said that they have also recovered dozens of gold biscuits till now. The IT searches have been continuing for the second day on Tuesday as well.