IT officials seize Rs 28,000 cr worth 'US bonds' from Tirupur consultant
Quotes

IT officials seize Rs 28,000 cr worth 'US bonds' from Tirupur consultant

Last Updated: Thursday, January 03, 2013, 19:10
 
 Comment 1
 
IT officials seize Rs 28,000 cr worth 'US bonds' from Tirupur consultant
Coimbatore: Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district.

The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on December 31 night, official sources said Thursday.

The I-T action followed Ramalingam's reported application to the Petroleum and Chemicals Ministries, seeking sanction to set up a Rs 1,000 crore crude oil refinery in Ramanathapuram district of Tamil Nadu.

They said some documents, which appeared to be US Treasury Bonds with a face value Rs.28,000 crore, were seized from his possession and futher investigation was on.

Ramalingam is involved in the business of groundnut peeling equipment and used to make frequent trips to countries like Australia, Malaysia, Indonesia.

A year ago he had applied for sanction to set up the refinery in Thondi at a cost of Rs.1,000 crore.

The Income-Tax department had kept a close watch on the movement and activities of Ramalingam for the last few months culminating in the raids, they said.

The I-T officials from Chennai and Combatore again returned Wednesday and checked Ramalingam's accounts in various banks, the sources said.

PTI


First Published: Thursday, January 03, 2013, 09:55


Comments


comments powered by Disqus
BMW-X3
BMW-X3
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
Honda Mobilio MPV
Honda Mobilio MPV
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved