I-T Dept Seizes Rs 32 Crore Cash, Bullion Worth Rs 28 Crore After Raids in TN, Puducherry – News18

The Income Tax division has seized unaccounted money of Rs 32 crore and gold bullion value Rs 28 crore after its latest searches towards two enterprise teams, together with one linked to DMK MP S Jagathrakshakan, in Tamil Nadu and Puducherry.

The CBDT stated in a press release on Wednesday that the raids had been initiated on October 5 at about 100 premises of the 2 teams — certainly one of them working academic establishments that supply skilled programs and the opposite is concerned in distillery, prescription drugs, hospitals and accommodations, and many others.

The similar day the tax sleuths had raided the home of DMK MP S Jagathrakshakan and a few of these linked to him. The MP from Arakkonam has pursuits in quite a lot of enterprise sectors. Tamil Nadu Chief Minister and DMK President M Okay Stalin had reacted that day and stated on X: “The Union BJP Government’s vindictive politics knows no bounds! Arresting AAP MP Sanjay Singh and raiding DMK MP Jagathrakshakan’s home are clear examples of their misuse of independent investigating agencies for political ends against INDIA bloc leaders….” In its assertion, the CBDT stated that up to now the searches towards the 2 teams “have resulted in seizure of unaccounted cash amounting to Rs 32 crore and gold bullion of Rs 28 crore, thereby aggregating to Rs 60 crore.” The assertion didn’t determine the accused teams or their promoters.

Sources stated one of many teams concerned was linked to Jagathrakshakan. There was, nonetheless, no breakup of what quantity of unaccounted money and bullion was seized from both group. The Central Board of Direct Taxes (CBDT) frames coverage for the tax division.

Talking in regards to the group that runs academic establishments, the assertion stated a lot of “incriminating” evidences in the type of unfastened sheets, onerous copy of paperwork, and digital knowledge was seized. The modus-operandi of tax evasion detected in working such academic establishments contains concealment of price receipts, bogus declare of disbursement of scholarships, and many others, it claimed. “Large scale evidences about receipt of fee which are unrecorded in the books of account and claim of non-genuine disbursement of scholarships have been seized. The preliminary analysis, so far, has resulted in collecting evidences for such unaccounted fee receipts of more than Rs 400 crore and incorrect claim of disbursement of scholarship to the tune of Rs 25 crore,” the assertion stated.

In one of many teams, it added, proof signifies that the belief was utilising the companies of brokers for garnering college students, for which unaccounted fee cost of about Rs 25 crore has been made. In the distillery enterprise run by one of many teams, the assertion stated, it was discovered that “bogus” expenditure has been claimed for about Rs 500 crore in direction of buy of inputs akin to, bottles, flavours, additional impartial alcohol and freight fees, and many others.

“Such purchases are not corroborated with purchase invoices or entries in stock registers. Several evidences have been recovered showing that cheques have been issued to various non-existent entities and the same have been received back in the form of cash for making unaccounted investments and for other expenditure which are not allowable as business expenses,” the CBDT alleged.

The seized paperwork counsel that quantity exceeding Rs 300 crore has been “diverted” from trusts both for private bills of the trustees or for deployment in numerous companies. This additionally contains funds made by one of many teams for buying an industrial entity in Andhra Pradesh, the Board stated.

(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)