I-T raids on 70 parts of Saravana stores in Chennai

Chennai, Jan 29: Essentially 120 teams of the Income Tax Investigation extremity operated searches at over 70 branches Saravana stores in Chennai and Coimbatore. The raids that began at 7.30 am on Tuesday morning are static ongoing.

According to the information available from IT department sources, the officials were informed of the location of the raid on Tuesday morning and around 800 officials are tangled.

While textile showrooms are the focus in the Saravana stores raid, officials are also searching properties associated to the Lotus Group, which is into realty business.

The residence of Yogarathinam Pondurai(the son of the founder of Saravana stores) is also being searched who has interests in realty and other businesses. The Income Tax Department conducted searches at 4 popular restaurant chains in Chennai and rural areas on 3rd January 2019.

This included restaurants and corporate offices of Saravana Bhavan, Grand Sweets and Snacks, Anjappar and Hot Breads. The searches were conducted, according to sources, after the investigators secured evidence of alleged tax evasion by the restaurants.