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The income tax investigation and searches of Chettinad Group premises by Income Tax authorities continued for the second day on Thursday and is likely to continue tomorrow, according to reliable sources.
An official speaking on condition of anonymity said that the exercise which began yesterday morning at 45 locations across Tamil Nadu, Andhra Pradesh and Maharashtra of the ₹4,500-crore business group continues. Over 470 personnel were involved at the start.
About half the job is done and searches continue at nearly 15 places. Investigations are expected to continue on the third day tomorrow at 5-6 locations including its headquarters in Chennai, the source said.
The investigation was sparked by information provided to the authorities of possible irregularities in tax payments by the group.
Trouble has been brewing for sometime within the group with a father-son tussle over assets between MAM Ramaswamy, the former chairman of the group and his adopted son MAMR Muthiah, who now heads the businesses. The Chettinad family traces its roots nearly a century back with the fourth generation now at the helm.
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