Indian Tax Authorities Seize $10 Million in Cash, Gold and Cars from CEO Nagarajan Seyyadurai

In July 2018, tax officials in Tamil Nadu, India, carried out raids on 22 locations linked to Nagarajan Seyyadurai, the chief executive of SPK and Co Expressway Pvt Ltd, a construction and infrastructure firm. The operation uncovered 163 crore rupees (about 447.5 billion VND) in cash, roughly 100 kg of gold bars valued at over $10 million, and two BMW automobiles. Authorities also seized documents, computer hard drives and other electronic equipment.

The cash and gold were hidden in large travel bags, valises and vehicles across ten different sites, with only a small amount found at Seyyadurai’s residence. The seizure is among the largest cash confiscations ever conducted by India’s Income Tax Department and is intended to investigate alleged tax evasion by the company and associated individuals.