Karnataka: IT department raids Vyadehi Institute of Medical Science, seizes Rs 42 crore cash
Banglore: In an IT raid that lasted around three days, at one of the prominent private medical colleges in Bangalore, Vydehi Institute of Medical Sciences and Research Centre, the authorities are reported to have seized around Rs 42 crores cash. The raid, one of the biggest of the kind in the country was conducted on premises of the said medical college and various other locations including the residences of the its trustees.
Read Also : Income Tax raid at medical and allied colleges reveals Rs 80 crores cash
The cash was recovered from the residence of one of the trustees of the Vydehi Institute of Medical Sciences and Research Centre. This money – in wads of Rs 500 and Rs 1,000 notes – is said to be the capitation fee collected from students, primarily for medical seats reports Bangalore Mirror.
The raid came after the IT department received a tip off about the same. Following specific instructions, IT officials arrived at the institution early on Friday and began their search on the college premises. During the course of next three days, they also raided few other associated institutions as well as the premises of the key members of the medical college. The raid ended on Monday.
“The three-day search, which started in the early hours of September 23, resulted in a massive haul of unaccounted currency totaling around Rs 43 crore, recovered from the premises of the group. The money is cash donations collected during admissions to the medical college. Apart from the unprecedented cash seizure, which is the largest in Karnataka, a large number of incriminating documents and other forms of evidence have also been seized. This has resulted in the immediate disclosure of unaccounted income of over Rs 265 crore. Further scrutiny of the evidence is in progress,’’ sources told Bangalore Mirror.
Officials are also on the hunt of the sources of these "capitation fee." IT - Officials told Indian Express they will question the people who have paid donations or capitation fee. “This donation amount seized is for one year and the department has powers to revisit the income tax returns filed by the institute for the past six years,” an officer said. The department will prepare a report and send it to the assessment wing for final determination of tax liability for last six years, the officer said.
Indian Express further adds that the institute is said to be owned by a TDP MLA representing Chittoor constituency in Andhra Pradesh. The MLA happens to be the wife of a former Congress MP who passed away a few years ago. Director of the institute, D A Kalpaja, was unavailable for comment.
Read Also : Income Tax raid at medical and allied colleges reveals Rs 80 crores cash
The cash was recovered from the residence of one of the trustees of the Vydehi Institute of Medical Sciences and Research Centre. This money – in wads of Rs 500 and Rs 1,000 notes – is said to be the capitation fee collected from students, primarily for medical seats reports Bangalore Mirror.
The raid came after the IT department received a tip off about the same. Following specific instructions, IT officials arrived at the institution early on Friday and began their search on the college premises. During the course of next three days, they also raided few other associated institutions as well as the premises of the key members of the medical college. The raid ended on Monday.
“The three-day search, which started in the early hours of September 23, resulted in a massive haul of unaccounted currency totaling around Rs 43 crore, recovered from the premises of the group. The money is cash donations collected during admissions to the medical college. Apart from the unprecedented cash seizure, which is the largest in Karnataka, a large number of incriminating documents and other forms of evidence have also been seized. This has resulted in the immediate disclosure of unaccounted income of over Rs 265 crore. Further scrutiny of the evidence is in progress,’’ sources told Bangalore Mirror.
Officials are also on the hunt of the sources of these "capitation fee." IT - Officials told Indian Express they will question the people who have paid donations or capitation fee. “This donation amount seized is for one year and the department has powers to revisit the income tax returns filed by the institute for the past six years,” an officer said. The department will prepare a report and send it to the assessment wing for final determination of tax liability for last six years, the officer said.
Indian Express further adds that the institute is said to be owned by a TDP MLA representing Chittoor constituency in Andhra Pradesh. The MLA happens to be the wife of a former Congress MP who passed away a few years ago. Director of the institute, D A Kalpaja, was unavailable for comment.
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