I-T dept seizes Rs 32 cr cash, bullion worth Rs 28 cr after raids in TN, Puducherry
The raids were initiated on October 5 at about 100 premises of the two groups -- one of them running educational institutions that offer professional courses and the other is involved in distillery, pharmaceuticals, hospitals, and hotels, etc.
Representative image (File)
NEW DELHI/CHENNAI: The Income Tax department has seized unaccounted cash of Rs 32 crore and gold bullion worth Rs 28 crore after its recent searches against two business groups in Tamil Nadu and Puducherry, the CBDT said on Wednesday.
The raids were initiated on October 5 at about 100 premises of the two groups -- one of them running educational institutions that offer professional courses and the other is involved in distillery, pharmaceuticals, hospitals, and hotels, etc.
The same day the tax sleuths had raided the house of DMK MP S Jagathrakshakan and some of those linked to him. The MP from Arakkonam has interests in a variety of business sectors.
Tamil Nadu Chief Minister and DMK President M K Stalin had reacted that day and said on X: “The Union BJP Government’s vindictive politics knows no bounds! Arresting AAP MP Sanjay Singh and raiding DMK MP Jagathrakshakan’s home are clear examples of their misuse of independent investigating agencies for political ends against INDIA bloc leaders.”
In a statement, the CBDT said that so far the searches against the two groups “have resulted in seizure of unaccounted cash amounting to Rs 32 crore and gold bullion of Rs 28 crore, thereby aggregating to Rs 60 crore.”
The statement did not identify the accused groups or their promoters.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department.
Talking about the group that runs educational institutions, the statement said a large number of “incriminating” evidences in the form of loose sheets, hard copy of documents, and digital data was seized.
The modus-operandi of tax evasion detected in running such educational institutions includes concealment of fee receipts, bogus claim of disbursement of scholarships, etc, it claimed.
“Large scale evidences about receipt of fee which are unrecorded in the books of account and claim of non-genuine disbursement of scholarships have been seized. The preliminary analysis, so far, has resulted in collecting evidences for such unaccounted fee receipts of more than Rs 400 crore and incorrect claim of disbursement of scholarship to the tune of Rs 25 crore,” the statement said.
