The Income Tax raids against friends and family of former Tamil Nadu minister Senthil Balaji in connection with a fraud case concluded on Sunday.
The I-T sleuths have found documents relating to assets worth more Rs 50 crore, reports said, adding that they also sealed a finance firm that was functioning out of a house on Saturday.
Income-Tax officials have reportedly found benami bank accounts worth ₹10 crore in their raids on Karur-based firms involved in money lending, textiles, real estate and civil contracts.
The raids were held in the backdrop of allegations against Balaji that he had defrauded several persons to the tune of about Rs 4 crore by promising them jobs in transport department when he was its minister in charge in 2015.
Through the finance companies, huge amount of unaccounted money was allegedly lent to establishments and businessmen, thereby evading tax payment, I-T investigation has revealed. A chartered accountant is also under the I-T lens in this regard.
Quoting officials, report said that the department had traced benami bank accounts under the names of employees of the firms, which were being operated by the chartered accountant.
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