Sleuths of the Income Tax Department raided the 100-year old industrial conglomerate Chettinadu Group on Wednesday. Taxmen barged into the iconic and opulent Chettinadu Palace, the residential premises of group chairman MAMR Muthiah, the adopted son of late M A M Ramaswamy, former chairman of the Group.
Simultaneous raids were carried out in more than 50 business premises of the Group which has interests in cement, medical colleges, real estate, power generation, steel production, healthcare, coal terminal and transportation. The details of the raids were yet to be released by the IT Department as the raids were continuing even at the time of going to Press. Sources in the IT department said they suspected of large scale tax evasion and would be able to reveal anything only after two or three days.