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Thu, Feb 21, 2019 | Last Updated 11:16 pm IST

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IT raids conducted in Chennai Saravana Stores & 2 Realty Firms

IT raids conducted in Chennai Saravana Stores & 2 Realty Firms
IT raids conducted in Chennai Saravana Stores & 2 Realty Firms

Chennai sources stated that the Income Tax department on Tuesday raided 74 places in Chennai and Coimbatore in connection with the popular retail chain Saravana Stores, Perambur based Revathy Group and realty companies G Square and Lotus group. Meanwhile the 800 strong team visited offices and houses related to the business groups and went through books of accounts and other documents, looking for any illegal or benami deals.

A sources in IT department said "The main focus of the raid at Saravana Stores are the books of the stores itself, specifically the textile business. Meanwhile the residence of Yogarathinam Pondurai, son of founder of Saravana stores, is also being searched. He reportedly has interests in realty and other businesses and the primary focus is the realty interests of all these stores".

IT raids conducted in Chennai Saravana Stores & 2 Realty Firms

Moreover IT officials are also searching properties associated to the Lotus Group, which is into realty business. Revathy group, based in Perambur, has interests in jewellery, furniture shop, textiles and supermarkets and the raids there are still underway. Furthermore it may be noted that earlier this month, popular eateries like Saravana Bhavan, Grand Sweets and Snacks, were raided after claims of tax evasions surfaced and the homes and offices of directors of the food chains were raided by a team of over 100 I-T sleuths.

IT raids conducted in Chennai Saravana Stores & 2 Realty Firms
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