IT raids continue for third day at Namadhu MGR, Jaya TV offices

Media personnel stand guard in front of the

Media personnel stand guard in front of the"Jaya TV where IT officials conducted a raid in Chennai on Thursday

For the third consecutive day on Saturday, Income Tax (IT) officials continued their raids at around 40 locations in Chennai. We do not want to give any statements about the outcome of this raid until we complete the operation and verification.

According to sources, officials have found so far that VK Sasikala and her family have evaded tax to the tune of over Rs 1,000 crore. During the raids, Rs 6 crore in cash, 8.5 kg gold and documents related to investments worth Rs 1,200 crore of unaccounted money were recovered. Apart from papers, sleuths also uncovered precious stones and cash from unused hostel rooms in Sengamala Thayaar Educational Trust Women's College.

The search operation is going on for several places while the search was concluded in many targets, as said by a tax official.

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The searches are aimed at detecting tax evasion. "But the details of these seizures can not be confirmed now", the official said.

The department froze 51 bank accounts belonging to shell companies and individuals.

After analysing the documents and obtaining clarifications, tax demand would be raised, the official told IANS.

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The searches were conducted as part of the operation clean money following reliable information in connection with the large deposits of cash post demonetization through the shell companies allegedly connected to Sasikala and her families.

In the massive search exercise, over 1800 IT officials began simultaneous searches at 187 locations in Tamil Nadu, Puducherry, Delhi, Hyderabad and Bengaluru on Thursday morning. IT department launched one of the biggest searches covering members, business establishments, business associates, aides and supporters of the powerful Sasikala family.

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