Income Tax raids Education Group: Recovers Crores of Cash and Gold

The Income Tax Officials discovered unaccounted cash totaling hundreds of crores of rupees during searches at the offices of two educational groups in the city.

Claiming that the searches have nothing to do with politics, sources stated that educational organisations have been evading taxes while collecting large sums as student fees.

They claimed that during the three-day search, they discovered Rs 20 crore in cash and several kilogrammes of gold from both educational groups.

“We discovered a massive cache of unaccounted-for fee receipts. During the searches, a large amount of gold jewellery was discovered,” they added.

During their investigations, the income tax department sleuths discovered that a large sum of money had been diverted from the trusts of the institutions. According to officials, the massive tax evasion is currently being investigated.

“We are currently investigating tax evasion, which is likely to total hundreds of crores of rupees,” sources said, adding that the investigation is ongoing in both groups.

Previously, various educational institutions were searched, and the department seized a large amount of unaccounted cash. According to sources, the searches on the premises of government contractor Chennai Radha Engineering resulted in the seizure of cash worth Rs. 15 crore.

During their investigations, the income tax department sleuths discovered that a large sum of money had been diverted from the trusts of the institutions. According to officials, the massive tax evasion is currently being investigated.