According to multiple news reports, the Income Tax Department has been conducting raids on the premises of Pothys, a major textile and jewelry retail chain in Tamil Nadu. The searches are being carried out at over 25 locations, including showrooms and residential properties in cities like Chennai, Coimbatore, and Madurai.
The raids were reportedly initiated based on “credible information” of large-scale tax evasion. Over 200 Income Tax officers, accompanied by Central Reserve Police Force (CRPF) personnel, are involved in the operation. The residences of the company’s owners and family members have also been searched.
Pothys has not yet issued a public statement on the matter. The Income Tax Department has also stated that further details will be released after the searches are complete.
It is worth noting that this is not the first time Pothys has been subjected to an Income Tax investigation. There were similar raids in 2016 following the seizure of unaccounted cash from two employees.