Tax evasion: IT Department raids 100 places in TN, AP
The Income Tax Department on Thursday launched multiple raids at over 100 locations in Tamil Nadu and Andhra Pradesh as part of a tax evasion probe against mining and mineral export companies. The searches are being conducted at the premises of at least four such business groups in Chennai, Coimbatore, Tirunelveli, Tuticorin, and Karaikal in Tamil Nadu and Vishakhapatnam and Srikakulam in Andhra Pradesh.
Companies are involved in export of beach sand minerals illegally
The companies that are being searched are involved in mining, processing, and export of beach sand minerals in an alleged illegal manner that led the taxman to probe tax-evasion charges against them, officials said. Over 130 ITD officials are conducting the operation with assistance from security and police personnel, they said. One of the firms identified by ITD officials is VV Minerals of TN.
How black money is converted into white money
The alleged illegal profit earned through mining and exporting beach sand minerals was subsequently plowed for investments into other businesses of these groups like spinning mills, sugar mills, hotels, and engineering colleges. Some overseas transactions, made in alleged violation of tax laws, is also under the ITD's scanner and the sleuths are looking for documents to substantiate these charges during the raids, officials added.
