IT raid in Saravana Stores -'Unaccounted' GOLDs found n More abt Chennai

Chennai, Aug 19 : Income-Tax officials continued with the raids on Saravana Stores Group, a popular chain of stores in the city, for the second successive day today with early reports indicating unaccounted gold jewellery worth several crore. Following complaints of massive tax evasion, over 500 officers, including 200 drawn from mofussil areas, raided various Saravana Stores outlets as also establishments belonging to Saravana Selvarathinam Group.

The non-stop raids, which began yesterday morning at 0745 hrs, were still continuing. In all, 27 premises belonging to the Saravana Family Group, including 17 retail shops and residential premises in city and other parts of the State, came under the IT scanner following complaints of largescale tax evasion. Several incriminating documents were seized during the raids and unaccounted gold jewellery worth several crore were found during the operations in many shops, sources in the Income Tax Department said today.

All the Saravana Store shops, owned by the group, were closed for the second successive day today. During the raids, accounts for the last six years were being scrutinised and verification of stocks, especially gold jewellery and other valuable items, were being carried out. The chain has nearly ten shops in T Nagar area alone, including five to six shops on the ever-busy Ranganathan Street, considered a common man's shopping paradise.

It also has two exclusive jewellery showrooms and a six-storeyed shopping complex in the area. Saravana Stores was a popular chain of stores dealing in A to Z of family needs, including textiles, jewellery, household articles, consumer durables, cookery, mobiles, kitchenware, readymade garments, vegetables, provisions, footwear, toys, stationeries, gift articles, furniture and even sweets.

It had recently opened a new multi-storeyed premises at Puraswalkam, which had also come under the IT scanner. Saravana Stores has been the most sought after destination for the lower and middle class, especially the poor, as the products were sold at a relatively cheaper rate compared to other showrooms, earning huge profits on burgeoning sales volume. IT Department sources said they were not sure when they raids would end as the process of unearthing unaccounted money and jewellery was still continuing.

They said "we would have to pursue any leads that may come up during the raids. "Though we cannot set any time frame, the raids are expected to end tonight."
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