In a major crackdown, the Income Tax department uncovered massive tax evasion amounting to Rs 230 crore at Sri Chaitanya College.
The searches, which lasted five days, led to the seizure of Rs 5 crore in cash. The college allegedly acquired funds from students through two separate software systems — one for collecting fees and another for avoiding tax payments.
Additionally, a separate software was used to show tax compliance.
Investigators revealed that the illegally acquired funds were used to purchase properties worth Rs 230 crore across the country within a year.
This large-scale operation has exposed the college’s financial manipulation and raised serious concerns about accountability in the education sector.
The IT department is expected to take further action against the management for these irregularities.
