Large sum of money found during Income Tax ride

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Delhi: The Income Tax Department conducted search and seizure operations at several locations linked to different groups associated with liquor business in the region and recorded unaccounted income of around Rs 700 crore. The first raid was conducted on August 6 involving major beer and IMFL companies in Tamil Nadu. The raids were conducted in the early hours of Tuesday at 55 locations across Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc along with some places in Kerala, Andhra Pradesh and Goa. The premises included residences of the promoters, key employees and some of the suppliers of materials. According to a statement by the Income Tax Department, the search also revealed telltale evidence of the modus operandi of the group which involved over-invoicing of purchase of raw materials and bottles which constituted a major portion of the cost of production.