Whopping amount of cash and gold seized in IT raids on Tamil Nadu contractor

The Income Tax department officials have reportedly seized Rs 170 crore in cash and 105 kg of gold till Tuesday evening from the raids conducted at the premises of highways contractor SPK and Company. The IT sleuths began the searches on Monday and continued on Tuesday as well.

The raids were conducted in different locations in Tamil Nadu at premises owned by Nagarajan Seyyadurai, the founder of the company, and his close associates and employees. They had also reportedly identified bank accounts, associated with Seyyadurai’s firms, with high-value transactions for scrutiny.

Earlier, on Monday alone, the tax officials had found Rs. 160-crore cash and about 100-kg bullion from the searches. Reportedly, the IT officials termed the recoveries as probably the highest so far in a raid anywhere in the country.