The revenue that is kept secret from groups detected so far is estimated to be more than RS 500 Crore, an official said.
The search operation was carried out in more than 40 places located in Chennai, Coimbatore, and Madurai, and as long as they, various documentary and digital proof that were burdensome.
The preliminary examination of the evidence shows that the two groups have suppressed their taxable income by claiming fake purchases and expenses in their account books for the past few years, the official said.
In the case of one group, it has been found that payments made for fake purchases etc. are received again in cash by the group. In addition, evidence has been found to show large incomes because of sharing profits in joint ventures, which are not reflected in books regular account, “said the official.
The official further said that in the second group case, it was found that the group had created a number of fake entities used to claim fake purchases and sub-contract costs.
Secret hiding places, managed by groups to store documentary and electronic records regarding countless and fake transactions, are also found by the search team.
Evidence that shows the introduction of capital obligations and fake loans in the books of the account some group concerns have also been explored.
