Summary:
By Express News ServiceCHENNAI: During raids conducted at the premises of an educational group in the city, the Income Tax department has seized `five crore in cash and `three crore worth jewellery, according to a release from the department. Further, the preliminary estimate of the undisclosed income detected is more than `350 crore, said the release, however not mentioning the name of the group. The IT department has found that the money, collected by the group as ‘fees,’ was found to be diverted outside the trust for purposes outside the ambit of the trust. Moreover, it has also detected that the group has interests in fishing, harbour, cement, milk, bottled water, iron and steel industries too. The raids have been concluded for now and investigations are in progress, added the release..