Chennai: The Income-Tax (I-T) department continued raids on coaching institutes in Namakkal for the fourth consecutive day today.
According to sources, I-T sleuths are cracking down on educational institutes, NEET coaching centres and are searching the residence of a school correspondent to find undisclosed income.
Few days ago, I-T department had found Rs 30 crore of undisclosed cash from the educational business group, which is mainly into running of educational institutions and coaching institutes for competitive exams like NEET.
Sources said, highly priced faculty were hired and employed in the coaching institutes. Based on preliminary findings, the undisclosed income of the group is estimated to be more than Rs 150 crore. Inquiries are underway into these allegations.
Earlier in a statement, the Central Board of Direct Taxes (CBDT) had said that, on 12 October, search action covered 17 premises including residential premises of the group’s promoters.
The premises are located in Namakkal, Perundurai, Karur and Chennai. The modus operandi was to receive part of the fees in cash receipts and not enter it in the regular books of accounts. Instead, such receipts were maintained in a separate set of accounts, reports said.
The cash was kept in lockers in banks in the name of employees who acted as benamis.
The I-T team also found lump-sum amount kept in a safe inside an auditorium on the main school premises.