In a sweeping operation, the Income Tax (IT) Department has conducted extensive raids on over 40 locations associated with former Union Minister and DMK Member of Parliament, Jagathrakshakan, since 5 October 2023. These targeted locations include his residence in Adyar, the corporate office of Accord International School, the Bharat University office, a star hotel in TNagar, the Chengalpattu distillery, as well as the numerous educational institutions, colleges, and hospitals under his ownership.
The investigation has not been limited to Jagathrakshakan’s properties alone. On 7 October 2023, IT officials also conducted raids at the residence of one of his relatives in Anna Nagar who owns Bharani Builders, a construction company jointly operated by Balasubramaniam Jaya and the operation extended to the office premises as well. These inspections yielded a substantial cache of crucial documents. Substantial documentary evidence suggesting vast property holdings have reportedly been confiscated.
Seizures From Places Linked To Jagathrakshagan
The sleuths from the IT Department were found inspecting if there were any secret rooms or passages in Jagathrakshagan’s residence that leads to the buildings where offices of Bharath University and Balaji Medical Hospitals are located.
In a significant turn of events, the IT Department confiscated two bags from Jagathrakshakan’s residence on October 7, which were reported to contain foreign currency worth crores of rupees.
₹4.5 crore cash and 2.7 kgs gold were recovered from Jagathrakshagan’s residence.
A raid that was executed in a hotel owned by his daughter at Eekattuthangal, led to to the confiscation of 7 Audemars Piguet Swiss watches each worth ₹2.45 crores. Futher ₹2000 note bundles were also recovered.
18 Kgs Of Gold And ₹27 Crore Cash Recovered From Saveetha Raids
The IT Department’s scrutiny extended to the Saveetha Medical College & Hospital campus in Thandalam Poonamallee, where a startling discovery was made. In the mortuary of the Saveetha Medical College, a staggering 19 sacks of money were unearthed.
Further 18 kgs of gold and ₹27 crore in cash were seized from the raids at premises of Saveetha Medical College.
Sacks and sacks of Indian and foreign currencies is been recovered from the mortuary of the medical college owned by the DMK MP pic.twitter.com/gyqpWsqgYy
— Vishwatma 🇮🇳 (@HLKodo) October 8, 2023
Not The First Time
Income Tax Department officials carried out extensive raids at 40 locations in 2016, including residences, educational institutions, and business offices, linked to S. Jagathrakshakan of the DMK. Among the properties scrutinised was Mr. Jagathrakshakan’s Adyar residence. It was reported that substantial amounts of cash, totaling millions of rupees, were seized during the raids.
Simultaneous raids were carried out at Mr. Jagathrakshakan’s residences, office premises, his five-star hotel in T. Nagar and multiple colleges under his management. Additionally, a distillery unit in Villupuram was subjected to scrutiny. Previously, he faced allegations related to the coal scam, wherein opposition parties accused him of securing coal allocations through illicit means for his company in 2007.
These developments come as part of an ongoing investigation into allegations of tax evasion against Jagathrakshakan, who represents the Arakkonam Constituency as a DMK MP.
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