The Income Tax officials in Kerala seized unaccounted cash to the tune of Rs 70 lakh from a medical college in Palakkad district on Saturday.
According to media reports, the cash was seized in the search operation that began on Friday evening at Karuna Medical College.
Regional media reports state that of the Rs 70 lakh, Rs 50 lakh were in demonetised currency and the remaining Rs 20 lakh were in new Rs 2000 notes.
The college authorities reportedly maintained that the money was accepted as donation for medical seats. However, the officials from Ernakulam seized the money after the management failed to furnish necessary documents to prove the source of the cash. The officials raided the offices of all branches of the medical college and confiscated some documents.
The IT sleuths are said to have conducted the raid following reports from investigating agencies including the Vigilance department.
According to the college's official website, the college is run by Safe Development Alms Trust, a registered Charitable Trust constituted by the Minority Community of Muslims.