Title: Income Tax Department Sets Up 10 Special Teams to Investigate Tax Evasion Case Involving DMK MP Jagadratsakan
Date: [Current Date]
Chennai: In a significant development, the Income Tax Department has formed 10 special teams to meticulously examine the plethora of documents seized from the residence of DMK Member of Parliament (MP), Jagadratsakan. The teams will work collectively to unravel the alleged tax evasion scandal which involves various industries in foreign countries, educational institutes, breweries, star hotels, and power generation companies.
It has come to light that multiple complaints regarding tax evasion in these aforementioned companies had surfaced, leading to a detailed investigation. The Income Tax Department officials, upon receiving information about the potential wrongdoing, swiftly raided 40 locations over a span of five days. Jagadratsakan’s residence was among the premises scrutinized during the operation. A considerable volume of documents linked to tax evasion were discovered during the raid.
The raid also resulted in the seizure of several property bonds, undisclosed cash, and computers or laptops containing significant information related to money transfers. Authorities estimate that the total value of the alleged tax evasion surpasses a staggering Rs 1,000 crore.
To thoroughly investigate the matter, the Income Tax Department has formed ten special committees, each consisting of experienced officials. The committees will be led by three Deputy Commissioners of Investigation, who will diligently scrutinize the seized documents and ascertain the extent of tax evasion and possible involvement of additional parties.
Meanwhile, the Enforcement Directorate (ED) has obtained copies of the seized documents from Jagadratsakan’s residence. This has enabled the ED to initiate an independent investigation into potential illegal money exchange activities that the MP might be associated with.
Officials from the enforcement department have confirmed that a case will soon be registered against Jagadratsakan based on the evidence compiled from the raids. The investigation will focus on uncovering his alleged involvement in illicit financial transactions and money laundering.
The tax evasion case involving the DMK MP has attracted significant attention and is poised to become a prominent legal battle in the coming weeks. As the investigations progress, the nation will be eagerly awaiting updates on this high-profile case which has the potential to impact the political landscape.
Disclaimer: The news article is based on the information available at the time of writing and is subject to updates as new details emerge.