The Income Tax Department raided the premises of a Chennai-based IT infra group and detected Rs 1,000 crore in unaccounted income and possible evidence of Benami holdings after its unusual shareholding in a Singapore-registered company caught the attention of sleuths.
The raids—at five locations in Chennai and Madurai—were carried out on November 5.
What brought the Chennai-based company under the radar of the central agency was a finding that it had 72 per cent shareholding in the Singapore company despite investing only a nominal amount. A subsidiary of a major infrastructure development and financing group, meanwhile, had a 28 per cent share, despite having invested “almost the entire money”.
The probe found that this had helped the raided firm gain almost Rs 200 crore, which was not disclosed in its returns.
The raids also revealed that the group purchased about 800 acres of land worth at least Rs 500 crore in the names of shell companies from the funds provided by main group concern. “Applicability of the Prohibition of Benami Property Transactions Act, 1988, to these transactions is being examined,” the statement said.
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