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The Income Tax Department carried out a search and seizure operation on 14.03.2022 on a popular chain of educational institutes, running several schools and colleges at multiple locations in India and abroad. The search operation covered more than 25 premises spread over locations in Maharashtra, Karnataka and Tamil Nadu. During the search, several incriminating evidences including hard copy documents and digital data have been found and seized, which reveal that substantial funds have been s
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FAQ :
The search and seizure operation was carried out on 14.03.2022.
The search operation covered premises in Maharashtra, Karnataka, and Tamil Nadu.
Incriminating evidence, including hard copy documents and digital data, was found and seized. This revealed siphoned-off funds and evidence of benami properties.
Funds were allegedly siphoned off by debiting bogus expenses for goods/services from dummy companies owned by the promoters and their families.
Unaccounted cash of Rs. 27 lakh and jewellery worth Rs. 3.90 crore were seized. Additionally, evidence of benami properties and borrowings on Hundi were gathered.
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