I-T finds Tirupur man with US bonds worth $5 billion

Last Updated: Thu, Jan 03, 2013 17:20 hrs

Chennai: An agricultural product trader, from whose home in Tamil Nadu's Tirupur officials had seized $5 billion worth of US treasury bonds, said he may not appear before the Income Tax (IT) officials here Friday as he was ill.

"I have been asked to appear before the IT officials in Chennai tomorrow (Friday). But I am running high fever and I may not be able to travel. I don't know what the next course of action would be," T.M. Ramalingam told IANS over phone from Tirupur.

On Dec 31, IT officials raided Ramalingam's residence and office and seized $5 billion worth of US treasury bonds.

"The matter is still under investigation and hence I will not comment on the bond matter. The bonds were acquired legally," Ramalingam said.

According to him, the IT officials might have raided him based on his application to set up a petroleum refinery in Ramanathapuram district in Tamil Nadu or his recent purchase of a new car.

The IT officials have sealed his bank locker and also a table drawer at his residence.

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