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Chennai: Income tax sleuths seized 20 crore unaccounted cash and 10 kg undeclared gold worth 11 crore as part of the ongoing searches in places linked to Pothys, a popular chain of textiles in the state. Official sources confirmed the seizures and added that the searches were still ongoing. "The search is likely to go on till Tuesday," said sources.The officials began searches in more than 20 locations in Chennai, Madurai, and Coimbatore on Friday, based on information about alleged large-scale ...Read More >
CHENNAI: The Income Tax Department on Friday searched nearly 25 to 30 locations linked to Pothys Private Ltd, one of Tamil Nadu's largest textile and jewellery retailers, over suspected tax evasion. The coordinated raids spanned Chennai, Madurai, Tirunelveli, Kanniyakumari and Coimbatore. The action comes at a sensitive moment for Pothys, which has been preparing for an initial public offering estimated at about Rs 1,200 crore. Proceeds from the listing are expected to fund the group's expansio ...Read More >
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