Income tax officials conduct raids on Chettinad group premises
June, 10th 2015
A day after former chairman of Chettinad group MAM Ramaswamy disowned his foster son MAMR Muthiah, income tax sleuths on Wednesday conducted raids on the groups' premises in Chennai, Mumbai, Hyderabad and Coimbatore in connection with alleged tax evasion.
Confirming the raids, income tax officials said the Chettinad group of companies had evaded tax payment for the past six years.
The raids were conducted at the residences and offices of the group chairman MAMR Muthiah (also called as Iyyappan) and other senior officials in Chennai, Mumbai, Hyderabad and Coimbatore.
A senior I-T officer said, "We are conducting raids based on a tipoff."
Sources said the I-T sleuths were conducting raids at 45 places, including offices of Chettinad Cements and other institutions belonging to the group.
Another I-T officer said, "We can come to a conclusion only after the raids. The officials have been collecting data relevant to the tax evasion for the past six years."
Meanwhile, an associate of MAM Ramaswamy said, "Iyya (MAM Ramaswamy) is at his house and is no way connected to the raids."
At a press meet held here on Tuesday, Ramaswamy announced his decision to disown his adopted son MAMR Muthiah. He also announced his decision to create trusts to secure family assets outside the Chettinad businesses under the supervision of his cousin and Spic promoter, A C Muthiah.