Chennai's education group seizes a hidden income of Rs 350 crore in IT raids

The group operates several engineering, polytechnic, dental, nursing colleges and hospitals and schools.

(PTI) New Delhi, Ta. November 11, 2019, Monday

The Income Tax Department has uncovered unclaimed income of Rs 350 crore and seized cash and jewelery worth Rs 8 crore, according to a statement by the Central Board of Direct Taxes in Chennai-based educational institute.

CBDT, which works for policy makers for the Income Tax Department, said that a group of trustees operating educational institutes in Chennai and its surrounding areas was attacked on November 7 for the last 30 years. Although the board did not say where the raids were issued, official sources said the raids were carried out on the JPR group.

According to CBDT, the group runs several engineering, polytechnic, dental and nursing colleges, hospitals, schools. In addition, the group is also interested in areas such as fishing, cement, mineral water, Aryan and steel.

During the raids, five crore rupees cash and three crore jewelery were seized. According to preliminary estimates, the revenue not disclosed by the group is estimated to be more than Rs 350 crore. According to the CBDT, the raiding process is almost complete and the investigation has been started.

The Income Tax Department had received information that the group was taking fees and donations in cash and the group was not showing this amount in financial accounts and the group was using its funds for other purposes. According to the officials, the group was showing the fees received in the balance sheet as a payment to the advance fee collection.