I-T holds searches in Karur

Seven money lenders come under scanner; raids also held in Chennai

Money trail: Documents and crores of unaccounted cash seized at several places on Friday.

Seven Karur-based concerns who are into the business of money lending came under the lens of the Income Tax Department.

As on Friday evening, unaccounted cash of over ₹ 5 crore and a lot of incriminating documents were seized.

The undisclosed income invested in money lending exceeds ₹ 100 crore, according to the taxmen, who were a part of this operation.

Searches were conducted on Thursday and Friday on 19 premises in Tamil Nadu and Karnataka.

A senior Income Tax (IT) official told The Hindu , “The searches were conducted in 19 premises in Karur, Oddanchatram, Mulanur, Chennai and Bengaluru. Surveys are being conducted on 14 premises in the above locations.”

The official added, “the search was initiated on August 10 on these seven Karur-based finance concerns who are into money lending in the form of unaccounted cash.”

The firms that were searched include PP financiers group, PMS financiers group, K Palanisamy (KPS) group, V Annadurai (Lakshmi bankers) group, Cholan finance group, Aruvi Mani group and Mathialagan group.

The taxmen are examining documents and unaccounted investments.

“The investigation is in progress,” the official said. Karur has several small-time financiers.