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Funds were allegedly siphoned off from a trust for the personal benefit of the group’s promoters and family members
Mumbai: The Income Tax department has provisionally attached two dozen alleged “benami” properties of a leading educational group after financial irregularities came to light following raids this month at its premises. In a statement, the department said on Thursday that it seized unaccounted ₹27 lakh in cash and jewellery worth ₹3.90 crore.
The department, which has not named the group, said substantial funds were been siphoned off from a trust for the personal benefit of the group’s promoters and family members in violation of the Income Tax Ac.
The trust runs schools and colleges across the country and abroad and searches were carried out at 25 premises in Maharashtra, Karnataka, and Tamil Nadu.
“The modus operandi employed for siphoning off the funds from the trust included debiting on account of bogus expenses in the guise of purchase of goods/services from various dummy companies and LLPs owned by the promoters, their family members, and some of their trusted employees. It is revealed that no actual goods or services were delivered/rendered by these entities and the same has been corroborated by the employees in their statements,” the statement said. “The money so siphoned-off has been utilised for investment in acquiring benami properties and making unfair payments.”
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