I-T raid on 50 premises of TN-based edu trust

The searches began on Tuesday morning based on information about suspected tax evasion. The raids are still in progress.

I-T investigators conducted searches at nearly 30 education institutions of Velammal Educational Trust. It owns and manages educational institutions in Chennai Madurai, Theni, Sivaganga and Karur.

Founded in 1986 by MV Muthuramalingam with one school in Chennai, the Trust is now a huge group with dozens of institutions across Tamil Nadu. His sons are managing the group now.

According to I-T sources, the investigators are after the financial transactions made by the group for NEET coaching. “There seems to be a number of suspicious financial transactions with an aim to evade tax,” sources said.

The investigators believe that the group was transporting liquid cash. More details about the tax evasion are expected to emerge in the coming days.