I-T raids on textile chain: Rs 20 crore cash, 10kg gold seized; searches continue across Tamil Nadu

CHENNAI: Income tax sleuths seized 20 crore unaccounted cash and 10 kg undeclared gold worth 11 crore as part of the ongoing searches in places linked to Pothys, a popular chain of textiles in the state. Official sources confirmed the seizures and added that the searches were still ongoing. "The search is likely to go on till Tuesday," said sources.The officials began searches in more than 20 locations in Chennai, Madurai, and Coimbatore on Friday, based on information about alleged large-scale tax evasion committed by the textile chain over the years. More than 200 officers, accompanied by CRPF personnel, were engaged in the searches.The searches were carried out at the house of Pothys textiles' chairman Ramesh Moopanar and his sons on ECR, and their offices and showrooms in Madurai and Coimbatore as well. The searches continued in many places over the weekend, too. The textile chain has not yet issued any official statement regarding the searches.Pothys has showrooms in Tamil Nadu, Kerala, Andhra Pradesh, Karnataka, and New Delhi.