Summary:
By Express News ServiceCHENNAI: The Income Tax (I-T) department sleuths have seized Rs 1 crore and suspected unaccounted income exceeding Rs 400 crore following four days of search at premises of Jain Metals Group in Chennai. Jain Metals, a prominent business group dealing with non-ferrous metal processing, plastic manufacturing and money lending, had reported a turnover of over Rs 1,000 crore. The database was decrypted to gather information about the unaccounted capital accumulated by the group. “Evidences of introducing unaccounted funds as bogus share premium in one of the group companies were also gathered. Other seized materials include property documents, promissory notes and post-dated cheques taken as collateral security,” the spokesperson added..