CHENNAI: The Income Tax Department on Friday conducted a search operation on the offices and residences of the trustees and key employees of an education group operating a large number of institutions in Chennai and Madurai region, according to a press release.
The charitable trusts are running a medical college and hospital, engineering colleges and schools across Tamil Nadu.
The search has resulted in the seizure of around Rs 2 crore of unaccounted cash. The group has admitted an amount of Rs 532 crore as their undisclosed income. The searches are temporarily concluded and further investigations are under progress, the release further said.
The I-T sleuths had carried out searches at 64 places during which evidences of fees being collected under various nomenclatures from students were unearthed. The group was collecting an exorbitant amounts of fees in cash from students of engineering colleges and schools which were not accounted for.
Documents on loans and interests, earlier taken in cash for the purpose of unaccounted investments, were also found, the release added.