Completion their biggest ever search operation in Tamil Nadu, which kept going five days and secured the properties recently Chief Minister Jayalalithaa’s previous helper and imprisoned AIADMK leader V.K. Sasikala and her extended family members, Income Tax authorities on Monday said that up to this point, tax avoidance on wage of ₹1,430 crore had been recognized.
“This is not the final figure. We are still evaluating more documents and the figure could change. But we have concluded the raids and are now scrutinising the documents that our team found during the five-day search operation at 187 locations,” said a senior I-T official.
IT Raids of Sasikala Firms and Found Tax Evasion on ₹1,430 crore Income
As part of the “standard procedue”, Vivek Jayaraman, 28, managing director of Jaya TV and son of Sasikala’s sister-in-law J. Illavarasi, went to the Income Tax division’s Investigation Wing office in Nungambakkam on Monday night to sign papers identified with the searches.
“No one was questioned today. Vivek and certain other family members came only to sign the papers. The AIADMK’s Karnataka unit leader Pugalendhi sought time to appear before us in response to our summons,” the official said.
Other than the seizure of ₹7 crore in cash and gold worth more than ₹5 crore, archives relating to huge scale enduring resources were found amid the inquiries in Tamil Nadu, Puducherry, New Delhi and Bengaluru.
“As many as 15 bank lockers were frozen and several kilograms of gold and diamond jewellery that were claimed to have been accounted for were kept under safe custody for evaluation,” a source said. I-T officials identified dozens of shell companies and specific teams were probing the source of funds to those companies in recent years.
“We have begun the process of summoning the persons concerned to get their statements on the evasion, assets seized or detected. Though the raids have formally concluded, the quantum of seizures will go up, since 15 lockers have to be opened. The value of immovable properties identified will be assessed soon,” a senior I-T official said.
IT Official Said the Raid is the Time-Consuming Process
The official has mentioned that estimating the value of properties, analysing the documents, and collecting the statements is the most time-consuming process. Sources said all business transaction of Mr. Vivek, including the dealings of Jazz Cinemas, of which he is in-control, are being investigated. Two years prior, Chennai’s biggest multiplex, SPI Cinemas, sold its 11-screen multiplex, Luxe Cinemas, arranged in a shopping center in Velachery, to Jazz Cinemas. The individuals who were engaged with business dealings with Mr. Vivek are being addressed about past transactions.
“We have to examine the documents of movable and immovable assets and check how much of it has been brought to account,” he said. “We have also found diamond jewellery but could not ascertain their value. We will get a certified valuer to ascertain the value of the diamonds,” the official said. “In the women’s hostel of the college [belonging to Sasikala’s brother Dhivaharan], we found six Rolex watches and are now referring to the watch models to get their estimated value. A huge amount of cash was also found at the hostel,” he said.