Searches conducted by the Income Tax (I-T) Department at 22 locations in Chennai, Coimbatore, Erode and Namakkal have led to the identification of unaccounted for investments and on-money payments to the extent of around ₹150 crore.
“Cash amounting to ₹5 crore has been seized. Some lockers are yet to be operated,” said a release from the Department, which continued its searches for the second day on Thursday.
The searches were conducted on a group engaged in the running of educational institutions and its associates, including a civil contractor. The searches followed information that the fees collected from students were not fully accounted for in the regular books of accounts. Sources said Income Tax Department sleuths continued search operations at Nandha Educational Institutions on Erode-Perundurai Road trying to verify the bills. “Evidences found during the searches revealed that the allegations regarding suppression of fees received are true and the unaccounted receipts are siphoned off to the personal accounts of the trustees, which in turn are invested in real estate,” it said.
