12 kg gold, 626 carats worth diamonds seized during Saravana Stores raids

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The recent raids conducted by Income Tax Department on retail giant Saravana Stores, Revathi Stores, a retailer based in Perambur and real estate firms G Square and Lotus Group has resulted in the seizure of 12.53 kilogram of gold and 626 carats of diamonds.

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The raids which were conducted at 74 places, 72 in Chennai and 2 in Coimbatore have revealed that the tax evasion was worth Rs 433.13 crore.

The raids also revealed that money was being paid in real estate aggregation through the real estate firms. The alleged role of these realty companies G Square and Lotus Group was to amass land parcels for Saravana stores.

Also read- 20 Kg gold worth 6.73 crore smug­gled from Myan­mar seized in West Ben­gal

The total cash seizure during the raids was Rs 24.36 crore. Sources said, Income Tax officials also found out suppression of sales by manipulating the sales which could be about Rs 1,5000 crore.

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