In a major crackdown on real estate companies in Tamil Nadu, the Enforcement Directorate (ED) on Tuesday carried out raids at more than 40 locations across Tamil Nadu including Chennai and Thanjavur.
The house and offices of a prominent real estate industrialist Shanmugam in Thanjavur, are also being raided.
The ED raids are were carried at Thyagaraya Nagar, Saravana Street, Tilak Street in Chennai. Similarly, the search is being conducted in areas on the OMR road.
The ED’s investigation into the real estate industry was triggered by allegations of money laundering and substantial tax evasion.
On the 20th of this month, the Income Tax Department conducted raids in more than 40 places in Tamil Nadu, including 30 places in Chennai linked to contractors and suppliers of Tamil Nadu Electricity Board (TNEB) as well as private firms across the state.