Rs 250 Crore Black Money Found After Income Tax Raid In Tamil Nadu

The CBDT said the group engaged in the business of chit fund was running an unauthorised business and all the investments and payouts of more than Rs 400 crore in the last few years were done entirely in cash.

The Income Tax Department has detected undisclosed income of more than Rs 250 crore during searches against two business groups involved in silk sarees trade and chit fund in Tamil Nadu, the CBDT said on Sunday.

The searches were conducted at 34 locations in Kanchipuram, Vellore and Chennai on October 5.

The CBDT said the group engaged in the business of chit fund was running an unauthorised business and all the investments and payouts of more than Rs 400 crore in the last few years were done entirely in cash.

According to a statement issued by the CBDT, the group had allegedly earned unaccounted income through commission and dividends.