Tamil Nadu: IT Dept Conducts Raids At 30 Places Linked To MGM Groups
Earlier, ED attached properties owned by MGM groups worth Rs 216.40 crore to the company in April, 2022.
Chennai: The Income Tax Department started conducting raids at 30 locations across Tamil Nadu related to MGM groups in connection with a tax evasion case on Wednesday.
In a tweet, ANI said, "IT Dept searches at over 2 dozen locations in Tamil Nadu in a tax evasion case against MGM group, diversified conglomerate Group of Companies headquartered in Chennai, with interests in logistics, distilleries, hospitality, theme park & trading."
The IT officials are also looking into the dealings of the businesses outside Tamil Nadu.
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The MGM group was started by MG Muthu and his son MGM Maran is now the promoter and director of the firm. The MGM group of companies owns distilleries including Southern Agrifurane industries in Tamil Nadu and Kamal Wineries in Andhra Pradesh, a theme park under the name MGM Dizzee World, Indian franchisee of Malaysian food chain Marrybrown and logistics companies. They also own four hotel chains including two beach resorts in ECR, a resort in Velankanni and a hotel in Whitefield, Bangalore.
Earlier, ED attached properties worth Rs 216.40 crore to the company in April, 2022.
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Meanwhile, the income tax raids on MGM Group comes after the department officials conducted raids in the residences and offices of Embassy group. They carried out raids at the home of Napat Singh, the director of Embassy group, located in Embassy Arcade Apartment at Sadashivnagar in Bengaluru. Embassy is one of the largest real estate groups in Karnataka.
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