Presently, the Income tax Officials are conducting a raid at Gokulam Chit Funds Company. With 87 branches across South India, this chit fund company has been in business for the past 40 years. The IT officials are conducting a mass investigation at all their 87 branches, including the seven branches in Coimbatore.
In Coimbatore, Gokulam Chit Funds Company has seven branches with the main branch functioning at 100 feet road. It is reported that presently, the IT officials are investigating the accounts at all seven branches in the city.
It is been reported that this chit company has not been transparent with their accounts for the past few months, which created suspicion to the IT department. Hence, the officials planned to personally inspect their accounts. This raid has created panic amongst their investors.