Chennai: The Revenue Tax Department discovered hidden income of more than Rs 300 crore on two private Syndicate Financing groups located in Chennai, after conducting search and seizure operations.
During the search operation, which took place on Friday at 35 locations in Chennai, it also seized unaccounted cash worth Rs 9 crore. Further investigation revealed that there were hidden property investments and other sources of income suppression.
The evidence found at the offices of the financiers and their colleagues proved that these groups had lent money to a number of large corporations and enterprises in Tamil Nadu, with a large amount of the money being in cash. During the investigation, it was discovered that they charge a high rate of interest, a portion of which is not subject to taxation.
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The group’s operating procedures indicated that the majority of borrower’s interest payments are collected in fake bank accounts and are not reported for tax purposes. Furthermore, the unexplained funds are camouflaged and entered into the group’s books of account as unsecured loans, various creditors, and so on, according to a press release.
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