Crores In Cash, Large Quantities Of Gold, Watches And Foreign Currency Seized By Income Tax Dept After Raids At Premises Linked To DMK MP Jagathrakshakan

The Income Tax raids against Dravida Munnetra Kazhagam (DMK) MP S Jagathrakshakan, which started on 5 October at over 40 premises linked to him, entered the fifth day today.

According to a report by The Commune, cash worth Rs 4.5 crore and 2.7 kilograms of gold were seized from Jagathrakshakan’s residence. On 7 October, the department seized two bags, which reportedly contained foreign currency.

During raids at Saveetha Medical College in Chennai, 18 kilograms of gold and Rs 27 crore in cash were seized. Also, 19 sacks of currency notes were recovered from the mortuary of the medical college.

Jagathrakshakan has been under scrutiny by the Enforcement Directorate (ED) and Income Tax officials earlier as well.

In September 2020, the ED had seized properties worth Rs 89.19 crore belonging to Jagathrakshakan and his family members for acquiring foreign securities in a Singapore based company in violation of Section 4 of the Foreign Exchange Management Act (FEMA).