I-T department searches chit fund firm

The I-T officials also conducted searches on a school premises

The Income Tax Department on Saturday searched the offices and premises of DNC Chits in Dharmapuri and other parts of the State.

The department conducted searches at a school based on an input that the group had some cash movements there.

Sources in the department said the group belonged to a relative of a Minister hailing from north Tamil Nadu. “More than ₹6 crore has been seized so far from the group and associates. We are now verifying the source of the cash,” said an official. The searches continued late into the night, officials said.

DNC Chits started operations in Dharmapuri and slowly expanded to Krishnagiri, Salem and Chennai. In 2019, the company set up its corporate office in Chennai.