Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district.

The raids were carried out at the residence of Ramalingam at Upputhurai Palayam village on December 31st night, official sources said today.

The I-T Department action followed Ramalingam’s reported application to the Ministry of Petroleum and Chemicals, seeking sanction to set up a Rs 1,000-crore crude oil refinery in Ramanathapuram district of Tamil Nadu.

They said some documents, which appeared to be US Treasury Bonds with a face value Rs 28,000 crore, were seized from his possession and further investigation was on.

Ramalingam is involved in the business of groundnut peeling equipment and used to make frequent trips to countries like Australia, Malaysia, Indonesia. A year ago, he had applied for sanction to set up the refinery in Thondi.

The Income-Tax Department had kept a close watch on the movement and activities of Ramalingam in the last few months, which culminated in the raids, they said.

I-T officials from Chennai and Coimbatore had yesterday checked Ramalingam’s accounts in various banks, the sources said.

(This article was published on January 3, 2013)
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