Namakkal raids: I-T sleuths seize unaccounted cash worth Rs 14.54cr

Income Tax department officials have seized unaccounted cash worth Rs 14.54 crore from the premises of PSK Engineering Construction and Co in Namakkal district.

Out of the amount seized, a major portion (Rs 13.80 crore) was seized from four premises belonging to PSK Engineering Construction and Company.

Apart from cash, several incriminating documents and accounts with details of the generation of unaccounted money by inflation of expenditure, payments made to influential persons and unaccounted capital introduced were also seized.

Raids were carried out on Friday at locations linked to the Namakkal-based construction firm. Officials from the IT department had received information about the presence of unaccounted cash, sources said.

The raids come less than a week before 39 Lok Sabha seats at stake in the state are set to go to polls.