Chennai: The Income Tax Department is reportedly conducting raids at multiple locations owned by the MGM Group, including cities like Chennai, Nellai and Bangalore. The MGM Group is a private company that also runs an amusement park. The case pertains to complaints received of tax evasion by the corporate giant.
Sources said simultaneous raids were carried out in 40 locations in Tamil Nadu and Karnataka on suspected tax evasion. The MGM Group was founded by MG Muthu, and his son Nesamanimaran Muthu alias MGM Maran is now the promoter and director of the group which runs the popular theme park MGM Dizzee World in Chennai. It also has presence in Logistics, Hospitality, International trading, Housing and Distillery and IMFS businesses.
Earlier, the Enforcement Directorate (ED) had seized assets worth Rs 293.91 crore of Maran, the former chairman of Tamilnadu Mercantile Bank Limited (TMB). The seizure was made under the provisions of the Foreign Exchange Management Act (FEMA), 1999, an ED official had said.
