The Central Board of Direct Taxes on Saturday seized Rs 30 crore from the premises of a group that runs several educational institutes in Namakkal.
According to a statement by the CBDT, searches were carried out from Friday across 17 locations of the group, including the homes of the group’s promoters in Namakkal, Perundurai, Karur and Chennai. The group runs several schools and coaching institutes for competitive exams.
According to CBDT, the group was taking a part of the fee from students in cash and maintaining separate receipts. “Incriminating evidence of such suppression of receipts has been found... in the form of accounts maintained in diaries, in electronic storage devices and also in the form of huge sums of unaccounted cash. It was found that cash was kept in lockers in banks in the names of employees who acted as benami...” the statement said.
According to the statement, a large amount of cash was found inside an auditorium in one of the group’s schools.