IT Department Finds Unaccounted Rs 1000 Crores In A Chennai Based Firm

Following raids at various locations in Chennai and Madurai, the IT department found unaccounted income of Rs 1,000 crore in relation to a case of a Chennai-based IT infrastructure group. Officials also found evidence relating to investments made in a Singapore-registered company.  Authorities said despite having nominal investment the company holds 72% share. Proceedings have been initiated under the Black Money Act and prohibition of the Benami Property Act, 1988, added the officials.