I-T Department Raids Rs 10,000 Cr Chettinad Group of Companies

A day after MAM Ramaswamy disowned his adopted his son, the IT department raided the group in 3 states.

MAM Ramaswamy has interest in horse racing along with other industries. (Photo: Twitter.com/@rakeshprakas1)

Income Tax Department today conducted raids against the Rs 10,000-crore business conglomerate Chettinad Group of Companies at its premises in three states.

A top Income Tax official said that raids were carried out in 37 places of the Chettinad Group in Tamil Nadu, two places in Andhra Pradesh and a few places in Mumbai.

“Yes, raids are going on,” the official told PTI on condition of anonymity.

In a significant development at the Chettinad Group, Ramaswamy had yesterday declared his decision to disown his son M A M R Muthiah.

The 84-year-old philanthropist and former Rajya Sabha MP stated that the assets would not go to M A M R Muthiah or anyone claiming on his behalf or under him.

The family feud in the Group came to the fore after Ramaswamy was not elected as a Director in the AGM of Chettinad Cement Corporation, the group’s flagship company, last year.

(With PTI input)