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ETA Group tax evasion pegged at Rs 400 crore- Rs 700 crore

''Raids were started at as many as 74 places on Wednesday morning and searches are still continuing in 47 places on Friday income-tax official said.

Chennai: The ETA Group, which has dozens of firms under its umbrella across the country and abroad, has evaded tax of more than Rs 400 crore, Income-Tax sources said on Friday. “Raids and searches are still on. Raids were started at as many as 74 places on Wednesday morning and searches are still continuing in 47 places on Friday,” an income-tax official said, adding that that final tax evasion figure could be much higher.

I-T Investigators have been carrying out nationwide searched at the premises belonging to the ETA Group of companies from Wednesday, suspecting tax evasion. Documents, seized during two days, indicate tax evasion over Rs 400 crore. But, by the time we finish the searches, we expect to unearth evasion of a few more hundreds of crore of rupees. “It is heading to a figure around Rs 700 plus crore,” sources said.

A total of 74 group premises in Delhi, Mumbai, Hyderabad, Bengaluru and Chennai were covered during the raids. Out of the 74 locations, 52 are in Tamil Nadu and the premises of the groups in Chennai, Ramanathapuram, and Thoothukudi were also subjected to search.

According to the group's website, ETA is a conglomerate in the U.A.E. with expertise ranging from "Civil Construction to Electro Mechanical, Power Projects, Elevator Engineering, Bulk Commodities Trading, Automobile Trading, Real Estate and Facilities Management”.

( Source : Deccan Chronicle. )
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