I-T Dept. unearths ₹150 crore unaccounted investments
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Searches performed by the Income Tax (I-T) Department at 22 areas in Chennai, Coimbatore, Erode and Namakkal have led to the identification of unaccounted for investments and on-money funds to the extent of round ₹150 crore.
“Cash amounting to ₹5 crore has been seized. Some lockers are yet to be operated,” mentioned a launch from the Department, which continued its searches for the second day on Thursday.
The searches had been performed on a gaggle engaged within the working of academic establishments and its associates, together with a civil contractor. The searches adopted data that the charges collected from college students weren’t totally accounted for within the common books of accounts. Sources mentioned Income Tax Department sleuths continued search operations at Nandha Educational Institutions on Erode-Perundurai Road making an attempt to confirm the payments. “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 mentioned.
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