New Delhi: The tax Department has unearthed undisclosed income of over ₹ 300 crore after it administered search and seizure operations at 35 premises connected with two private Syndicate Financing groups based in Chennai.
“The tax Department administered search and seizure operations on September 23, 2021, on two private Syndicate Financing groups based in Chennai. The search operation was administered at 35 premises located in Chennai,” the Ministry of Finance during a handout .
The evidence found within the premises of the financiers and their associates revealed that these groups have lent to varied big corporate houses and businesses in Tamil Nadu , a considerable portion of which is in cash.
As per the discharge , during the search, it had been detected that they’re charging high rate of interest, a neighborhood of which isn’t offered to tax. The routine adopted by the groups revealed that the majority of the interest payments by borrowers were received in dummy bank accounts and therefore the same has not been disclosed for tax purposes.
The ministry further informed that the unaccounted monies are disguised and brought into the books of account of the groups as unsecured loans, sundry creditors, etc.
“The searches, so far, have resulted within the detection of undisclosed income of quite ₹ 300 crore. Unaccounted cash of ₹ 9 crore has been seized thus far ,” the ministry informed.
About Author
