IT department raids four sand mining companies in Tamil Nadu and Andhra Pradesh
Income Tax officials on Thursday raided four sand mining companies in Tamil Nadu and Andhra Pradesh. These companies were allegedly exporting beach minerals and routing money abroad. Searches are being conducted at almost 100 locations.
The Taxmen also raided News 7 Tamil — a channel owned by S Vaikundarajan. The other businessmen who were raided by IT department were identified as Sukumar, Chandresan and Manikandan.
Income Tax officials are conducting searches at VV Minerals and it’s owner Vaikundarajan. Searches underway at 100 locations in Tamil Nadu. More details awaited pic.twitter.com/kko9B0zFYJ
— ANI (@ANI) October 25, 2018
According to NDTV report, “The Income Tax officials raided the companies based on intelligence inputs that the miners have been exporting beach minerals despite a ban. The companies have also been routing money abroad.”
On its official website VVM says, “VVM’s huge annual output of 7,00,000 metric tonnes of heavy minerals which include Garnet Abrasive, Ilmenite, Zircon, Rutile, Sillimanite and Leucoxene due to our control of a 40 km beach area with continuous placer mineral deposits plus another 7000 acres of heavy mineral — rich land.”