3 Puducherry colleges and one Chennai college are in the dock.

Rs 80 crore seized in IT raids on four colleges in Puducherry and Chennai
news Education Friday, June 24, 2016 - 20:17

A massive raid was carried out by Income Tax officials on major colleges in Puducherry and Chennai. Mahatma Gandhi Engineering college, Rajiv Gandhi Engineering College, Kasturbai Nursing college in Puducherry and Sathya Sai Medical College in Chennai are currently in the dock.

Sources told TNM that after NEET came into force, many parents who had paid colleges for medical seats through an agent, wanted their money back. The agent in this case was allegedly connected to Madhan of the SRM group, who has been absconding after incurring a huge debt for his production company Vendhar Movies. According to the sources, IT officials may have received a tip-off from one of the disgruntled parents who had not got their money back. 

A total of 120 income tax officials raided the home of a PRO of the Pondicherry-based colleges and recovered Rs 40 crore packed in 38 cardboard boxes. Another Rs 40 crore was retrieved from the premises of Sathya Sai Medical college. Due to the massive amount of money required to be counted in the raid, counting machines have been brought in from Cuddalore to undertake the operation, which will begin from 9am. The raid is still underway. 

Become a TNM Member for just Rs 999!
You can also support us with a one-time payment.