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The Income Tax Department on Saturday wrapped up a five-day search operation on the Sri Chaitanya group of educational institutions, spanning Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai. The large-scale searches were conducted over suspicions of massive tax evasion and the diversion of fund
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FAQ :
The Sri Chaitanya group is being investigated for alleged tax evasion and diversion of funds into other business ventures.
Sources within the IT department suggest suspected tax evasion exceeding £230 crore.
Investigators seized digital evidence, account books, transaction data from software systems, records of cash fee collections, and £5 crore in unaccounted cash. Bank lockers were also investigated.
It is alleged that a substantial portion of fees was collected in cash and not officially recorded, and that separate software systems were used for fee collection and tax filings to misrepresent income.
Yes, in 2020, the Income Tax Department conducted similar searches and seized £11 crore over allegations of undisclosed income and tax violations.
The management and directors of Sri Chaitanya have been summoned to appear before investigation officers next week to present financial records and address irregularities.
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