The Income Tax Department had conducted raids on the shops and offices of saravana Stores, a popular business in the Thiyagarayar nagar area of Chennai,Porur, Chrompet and Thiagarayar Nagar.
More than 100 of the I-T officials conducted searches at more than 20 premises in the districts of Chennai, tirunelveli, Madurai, and coimbatore from wednesday morning. The search operations were made in different places in Chennai. “The searches have not ended and will continue on Thursday,” said the official requesting anonymity.
None of the store staff or customers were allowed inside as the test was ongoing. The extent of suppression of sales is found more than Rs.1000 crore, more than years. It was found that there are approx..Rs.150 crore that is unaccountable which is made as cash purchase in textile, jewelry division.
Evidence related to unaccountable Gold, diamond, and other unaccountable purchases has been seized.
And they had seized cash of Rs.10 crore and jewels/bullion worth Rs.6 crore. Further investigation is under process.
saravana Stores, which started as an ordinary utensil. shop in 1970, has today grown into a huge empire with various branches.
The company has large stores in Madurai, tirunelveli, and Coimbatore.
The fast-growing company plans to open stores in Mumbai, Delhi, and Bangalore.
The company also operates saravana Selvarathnam stores in tirunelveli and Madurai.
It has become an indispensable company in the sale of essential household items, clothing, and jewelry. The probe is said to be underway following complaints of tax evasion and unaccounted investment.
