Saravana Stores raids Update

Chennai, Feb 08: Here is the breaking news that, The recent raids 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 whooping 12.53kg of gold and 626 carats worth diamonds, according to an Income Tax officers.

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

The Officials added that,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.

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