Hyderabad: The Income Tax (IT) Department in Hyderabad conducted searches on a prominent chit fund company and its group concerns here on Friday.
The group is also into real-estate, media, hospitality and financial consultancy. The searches are covering almost 30 premises including residences and offices throughout Andhra Pradesh and Telangana, sources said.
They said it was noticed that this group had deposited approximately Rs 90 crore in various bank accounts, apart from accepting huge amounts of demonetised high value currency notes in November 2016 post demonetisation.
During searches, evidence was reportedly unearthed, indicating acceptance of demonetised high value currency in the guise of chit subscriptions dating prior to November 8, 2016, sources added.