I-T raids at edu trust unearth undisclosed income of Rs 532 cr

Income tax sleuths descended at more than 50 premises belonging to Velammal Group on January 21. I-T officials conducted searches at its offices, residences of the trustees and key employees of the group. The search and survey operations were carried out at 64 places across the State.

During the search, evidence regarding fee collected under various nomenclatures from students were unearthed. The payments were made in cash and they were not accounted for, the release said.

The searches have been temporarily concluded and further investigations are under progress. The educational group operates leading educational institutions, including schools and colleges in Chennai and Madurai region.