The Income Tax Department has claimed to have detected unaccounted income exceeding Rs 1,000 crore and seized unexplained cash, gold and silver jewellery worth over Rs 70 crore during ongoing searches on Chennai-based Refex Industries Ltd and its promoter Anil Jain since December 9.

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However, in a press statement issued on December 11, Refex Group dismissed circulating documents and messages about the findings as "unauthenticated, unverified, and fake," urging stakeholders not to rely on them. The company emphasised that no official communication has been released by authorities and affirmed its full cooperation with the ongoing process while maintaining normal business operations.

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