The Income Tax Department raided several places in Chennai belonging to two business groups. More than Rs 500 crore has been recovered in that operation. According to sources, the two business groups are known to be very close to the top leadership of the Tamil Nadu opposition AIADMK.
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According to the Income Tax Department on Tuesday, raids were carried out on July 8 in more than 40 places, including Chennai, Coimbatore and Madurai. The statement did not say whether the money was confiscated from the two business groups. However, on condition of anonymity, the officials said that the Income Tax Department has taken action against Seyadurai and Chandrasekhar. The two companies are involved in the real estate, advertising business. In the meantime, this is the second time that the income tax department has been hit by this.