Chennai, Dec 8 (PTI): Income Tax sleuths Saturday seized over Rs 54 crore of unaccounted cash during searches at multiple premises of a leading Tamil Nadu based distillery here.
Acting on a tip off about suspected tax evasion and backed up by days of spadework related to the company, income tax officials conducted searches at 12 premises belonging to the Director and employees of the distillery.
"Over Rs 54 crore of unaccounted cash was seized following the searches. None of the persons from whose premises the cash was found and seized could give any explanation about its source.
The director has owned up the unaccounted cash," a top tax investigation official told PTI.
Further administrative processes related to the cash seizure is on.
The searches were launched on Friday.
