May 26, 2018, 8:03 am IST
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IT Dept attaches 36 assets of Sreevalsam group

IT Dept attaches 36 assets of Sreevalsam group

 Feb 14, 2018

The Income Tax department on Wednesday has temporarily attached 36 assets of Sreevalsam group across India.

In a raid conducted by the Income Tax sleuths in June 2017, officials had found an unaccounted wealth of Rs.400 crore. However, unconfirmed reports alleged that the disproportionate asset comes around Rs. 1000 crore. Overall, 30 centres including in Delhi, Bengaluru, Thiruvananthapuram and Pillai's native district Pathanamthitta were raided.

Sreevalsam group is engaged in varied businesses including jewellry, gold loan, textiles, resorts and running of educational institutions in Kerala and other states. After demonetization, the owner of the Sreevalsam group, MKR Pillai has come under the IT scanner due to various alleged shady financial deals. The Income Tax department then had formed a special team to probe real estate investments of Pandalam-based Sreevalsam Group, including those of its chief and Nagaland ex-additional superintendent of police (ASP) MKR Pillai.

The IT inquiry was based on information that the Sreevalsam group had purchased vast areas of land in several states including Kerala under benami names. It was also revealed that even Nagas have been used as benamis for purchasing land.

A Nagaland police truck found in the compound of Pillai’s Pandalam property had raised many doubts. Police had doubted that this truck had been allegedly used for smuggling.

Pillai, who hails from Pandalam in Kollam district, started his career as a constable in Nagaland police in the 70s. But soon, he rose to the higher status and finally retired as ASP. Even after retirement, it was alleged that he worked for Nagaland police as an advisor. He was also awarded police medal by the President.

The Central Bureau of Investigation (CBI) is unofficially probing how Pillai was appointed as an advisor at Nagaland Police headquarters after retiring six years ago. Indications are that some top political leaders were interested in securing the post for Pillai, who had also faced an inquiry for abuse of power while in service.

As part of the benami land controversy, in September 2017, the husband of Sreevalsam Group's manager Radhamani, Krishnan, was found dead under mysterious circumstances at his Haripad house, 'Sreelakam'. Haripad CI, T Manoj said that Krishnan had been assisting his wife in her business with the group. Investigations by the Income Tax Department and Enforcement Directorate found that Radhamani was the mediator of various deals under which the group made huge investments to acquire land in Haripad and Pathanamthitta details of which were known to Krishnan.

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