IT raids uncover Rs 1,100 cr undisclosed income by Gokulam group

The Income Tax (IT) raids at Sree Gokulam Chit Fund and Finance earlier this week has uncovered undisclosed income to the tune of Rs 1,100 crore over the last five years.

Extensive raid at the Gokulam group offices and premises began on Wednesday at 78 locations in Tamil Nadu, Karnataka, Kerala and Puducherry by a team of more than 400 IT officials.

According to a senior IT department official, the company has admitted to undisclosed income of Rs 1,100 crore. The official said they would be asked to pay the tax besides interest and penalty on the income from the year when it was not shown.

A total of 43 locations in Tamil Nadu, 29 in Kerala and six Karnataka were searched. The searches were also done at the residence of the group founder AM Gopalan, his son and the firm's executive director Biju Gopalan and son-in-law VC Praveen.