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IT Department conducts searches on a popular chain of educational institutes in Maharashtra

by Akshat Mathur 25 Mar 2022

On March 14, 2022, the Income Tax Department inspected Educational Institutes

The search covered more than 25 areas in Maharashtra, Karnataka and Tamil Nadu. During the search, a lot of defamatory evidence was found and confiscated, including printed documents and digital data, which revealed that much of the funds had been withdrawn from the Trust for the personal benefit of the group's promoters and their families, contrary to the facility. in connection with obtaining exemption from trusts under the Income Tax Act of 1961.The modus operandi of the trusts trusts involves debit mini-expenses to cover the purchase of goods / services from various fictitious companies and LLPs owned by the promoters, their family members and some of their trusted employees.

It was found that these entities did not / did not provide any goods / services and the staff confirmed the same on their deposit. The money raised was used to invest in acquiring Venetian real estate and dishonest payments.

During the search, evidence was found of about two dozen intangible properties in Maharashtra, Pondicherry and Tamil Nadu, which were also found in Benami properties or were not included in the relevant decrees. These properties are located below the temporary attachment.

The search also revealed evidence that Hundi's loans were collected by Rs. 55 crore crowns and their cash payment in the form of released bills of exchange / bills of exchange that were found and confiscated. The search resulted in the confiscation of countless money for Rs. 27 lakh and jewelry worth Rs. 3.90 crore.

Further research is being carried out.

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