Rs1.63bn cash, 100kg gold seized in income tax raids

Leaders of political parties in Tamil Nadu yesterday demanded a multi-agency probe into the affairs of road contractors raided by income tax department in the state and also the resignation of Chief Minister K Palaniswami. The demand follows the IT department’s seizure of unaccounted Rs1.63bn in cash and 100kg of gold during searches carried out at the premises of Nagarajan Seyyadurai, promoter of SPK & Co, employees and associates. The IT department said apart from unaccounted assets, incriminating documents were also seized. While Rs2.4mn cash was seized from Seyyadurai’s residence, the remaining cash and gold were kept at the places of his employees and in cars.