Income Tax Department raids on Gokulam Chit fund branches across the country

Chennai, April 19: An Income Tax Department raid is being conducted at various branches of Sree Gokulam Chit Fund and Finance Private Company owned by  Chennai-based businessman Sri. Gokulam Gopalan.

According to reports, no political links have been established so far, behind the raid.

The IT raid at around 78 locations of the company conducted by a special team of the IT department following complaints of tax evasion. The officers of the Income Tax department conducted the raid at almost 60 branches of the company in the state and Tamil Nadu and at Bengaluru at the same time.

The raid is going on in 25 branches in Tamil Nadu and 30 in Kerala. Around 500 officials were part of the raids.

The raid is progressing at the house of Gokulam Gopalan, head of Gokulam Group, in Kochi and his firms in Chennai. The central secret investigation department had obtained many complaints regarding the dealings of Gokulam Finance. Based on it, the team was observing the functioning of the company’s various branches for quite some time.

The IT raids in Sree Gokulam started as early as 5:00 am today and still going on.

It is learned that Sree Gokulam Chit Fund and Finance Private Company established in 1968, under the leadership of Gokulam Gopalan a Kerala businessman from Badagara, was then inaugurated by MG Ramachandran (MGR) showing it’s close association with the AIADMK party.

It is also learnt that since there was a political turmoil in Chennai on Tuesday, the IT raids continued the next day which has become a ‘norm’ these days, said a source privy to developments.

The move comes days after an I-T raid was conducted at Tamil Nadu health minister Vijay Bhaskar’s residence and three other politicians.
In the raid that lasted for almost 24 hours, the Income tax officials reportedly seized at least 4.5 crore along with documents worth Rs 89 crore. An official was quoted saying, “Cash seizures were made from people allegedly close to Vijayabaskar. We have also seized documents worth Rs 89 crore from various places. But no violations are registered so far.”
The IT raids at Vijayabhaskar’s residence and some of the prominent faces close to AIADMK (Amma), the faction of V K Sasikala, took place 5 days ahead of the RK Nagar by poll in Chennai. There were allegations that he was distributing cash to voters for AIADMK (AMMA) candidate TTV Dinakaran, in the constituency.