I-T searches on edu group find 150cr of black stash | India News – Times of India
NEW DELHI: The income tax department carried out searches at 22 premises in Coimbatore, Erode, Chennai and Namakkal on Wednesday on an educational group and unearthed unaccounted income of more than Rs 150 crore. Rs 5 crore in cash was seized, besides digital evidence during the searches.
It was found that fees collected from students were not fully accounted for in the regular books of accounts, according to the Central Board of Direct Taxes, the apex cadre-controlling body of I-T.
The I-T searches, which continued till Thursday evening, revealed the unaccounted receipts were siphoned off to the personal accounts of the trustees of the educational institutions. The black money was then invested in real estate through a shell company.