IT department raids residences of 4 members from real estate industry in Chennai

CHENNAI: Sleuths of Income Tax department conducted massive raids at residences of four individuals connected to the real estate industry in Tamil Nadu capital city on Thursday.

The raids are being conducted on suspicion of tax evasion and money laundering.

The IT department has been cracking down on several private firms including restaurant/ food chains and real estate groups.

Last month, the department conducted raids at over 70 locations across the state at the premises of Saravana stores retail chains and real estate firms GSquare/Lotus Group. Cash and jewellery over Rs 400 crore were recovered from the raids.