Tamil NaduCompanies involved in fraud of Rs.150 crores in Chennai and Madurai without...

Companies involved in fraud of Rs.150 crores in Chennai and Madurai without showing audited accounts

In the investigation conducted by the Income Tax department in the construction companies, it has been revealed that Rs. 150 crores have been defrauded without accounting.

New Delhi: In Chennai and Madurai real estate and construction companies conducted by the Income Tax Department, it has been revealed that Rs.

A press release issued by Public Relations Commissioner Surabi Akluwalia said:-

The Income Tax Department on 20th of this month raided 2 private companies namely Real Estate Company and Road and Railway Construction Leasing Company. The test was conducted at 30 different places like Madurai and Chennai. Many documents and digital data were found and seized.

It has come to light with evidence that people related to real estate companies have been evading tax through unaccounted money transactions. It has also been revealed that these companies have been using software to maintain separate accounts for the money not credited to these accounts.

It was found that another company doing construction contracts was evading tax by issuing fake vouchers, pretending that the sub-contracts were on loan and that the construction materials were purchased at high prices. It was also revealed that the money for the contract was being given to the sub-contractors by making transactions in banks and returning to their company.

The raid unearthed more than Rs 150 crore of unaccounted money. In addition to unaccounted cash of Rs 14 crore, gold bars and ornaments worth Rs 10 crore were seized during the raid. Further, investigation is going on in this regard.

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