Chennai, The Income Tax department in searches conducted over a span of one week at the premises of a Tamil Nadu-based Chit and Finance company revealed unaccounted cash of Rs 12 crore and details of immovable properties worth Rs 250 crore.

The Central Board of Direct Taxes(CBDT) in a statement on Tuesday said that the company which had real estate interests and is also running several educational institutions through its trusts was using a secretly maintained cloud server for keeping a parallel account.

The CBDT said that this cloud server was remotely controlled and the I-T department was able to crack it to get to the details of unaccounted money and immovable properties.

The searches and seizures were conducted at 30 places in Chennai, Coimbatore, Neyveli, and the Nilgiris.

The I-T department stated that the unaccounted money was generated through under-reporting of income through the chit fund business and most of the amount parked in real estate properties.

The statement also said that unaccounted deposits taken from various people and the details of those who have invested the money will be known after digital assessment is done.

The department has also conducted preliminary analysis of documentary and digital evidence. Most of the unaccounted money was used for making payments to buy real estate properties and money was parked in the trusts of the company that were running educational institutions, the statement added.