New Delhi, March 24 : The Income Tax Department carried out a search and seizure operation on a chain of educational institutes and claimed to have seized Rs 27 lakh cash and jewellery worth Rs 3.90 crores, an official statement said on Thursday. The search operation conducted on March 14, 2022, 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 were found and seized, which allegedly revealed that substantial funds were siphoned-off from the trusts for the personal benefit of the group’s promoters and their family members, in violation of provisions relating to claim of exemption by the Trusts under the Income-tax Act, 1961. ”The modus operandi of siphoning-off the funds from the Trusts includes debiting of bogus expenses in the guise of purchase of goods/services from various dummy companies and LLPs owned by the promoters, their family members, and some of their trusted employees,” the statement said. ”It was unearthed that no actual goods or services were delivered or rendered by these entities and the same have been corroborated by the employees in their deposition. The money so siphoned-off has been utilised for investment in acquiring benami properties and making unfair payments,” it said. ”During the search, evidences of about two dozen immovable properties located in Maharashtra, Pondicherry and Tamil Nadu have also been gathered which are either benami properties or not disclosed in the respective returns of Income. These properties have been placed under provisional attachment,” the statement added. The search also revealed evidences of borrowings on Hundi aggregating to Rs 55 crore and their repayment in cash in the form of discharged Promissory Notes or Bills of Exchange, which were found and seized. AKM RKM
