Gokulam Chit Fund evaded Rs 1,100-crore tax

Searches were conducted in 76 locations in past 4 days

Chennai-based Sree Gokulam Chit Fund and Finance evaded around Rs 1,100 crore in taxes, the Income Tax Department found during multiple raids conducted in the last four days. 

The searches were conducted in 76 locations across Tamil Nadu, Puducherry, Kerala and Bengaluru. “Searches were stopped temporarily, actions will start again from Monday, ” said the official adding that the company has agreed to pay the tax, penalty and others.

Gokulam is a Chennai-based company and is mainly into chit fund and finance business.