Hyderabad: Income Tax officials have been conducting raids at Sri Chaitanya Educational Institutions across India, including Hyderabad, since Monday, March 10, over alleged financial irregularities.
Key Highlights:
- Massive Operation: Raids are taking place across 30 campuses in cities like Hyderabad, Andhra Pradesh, Delhi, Mumbai, Kolkata, and Chennai.
- Cash Transactions: Authorities allege that the institution collected large sums in cash but did not report these transactions or pay taxes.
- Dual Software System: Two separate software systems were allegedly used—one for internal transactions, where 75% of payments were in cash and not reported to the government, while only 25% of transactions (mostly online) were declared.
- Ongoing Investigation: Special IT teams raided the Madhapur branch (headquarters) and seized ₹2 crore. The raids are expected to continue till tomorrow.
Authorities are now scrutinizing the financial records to track the unaccounted money flow.
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