Title: Income Tax Department Seizes Unaccounted Payment Receipts Worth Rs.400 Crore During Raids on Former Union Minister Jagadratshakan’s Properties
Date: [Insert Date]
Location: Chennai, Tamil Nadu
The Income Tax Department has made a significant breakthrough in its ongoing investigation into tax evasion by former Union Minister and DMK MP Jagadratshakan. Raids conducted at various locations related to Jagadratshakan have resulted in the seizure of unaccounted payment receipts worth Rs.400 crore.
According to a press release issued by the Income Tax Department, around 100 locations were raided in Tamil Nadu and Puducherry. The investigation exposed a series of tax evasion schemes in educational institutions, leading to the discovery of unaccounted fee receipts worth Rs.400 crore from colleges. Additionally, false documentation revealed a recovery of Rs.25 crore, while evidence of scholarship fraud was also uncovered.
Furthermore, the investigation revealed that agents were used to attract students to these educational institutes, leading to the collection of an unaccounted commission amounting to approximately Rs.25 crore. Shockingly, authorities discovered a staggering Rs.500 crore fraud in the liquor business, rooted in fake budgeting practices.
In addition to these findings, the Income Tax Department seized documents detailing the transfer of an unaccounted amount of Rs.300 crore from trust bank accounts to personal accounts. This included payments made for the acquisition of a business in Andhra Pradesh. Thus far, the investigation has also uncovered Rs.32 crore in unaccounted cash and seized gold worth Rs.28 crore.
The investigation into Jagadratshakan’s alleged tax evasion centers around the income earned through his educational and industrial institutions. The raids, which began in May last year, targeted around 50 places associated with the MP, including locations connected to his daughter, daughter-in-law, and relatives. The raids covered a wide range of premises, including educational institutes, hospitals, offices, breweries, houses, and star hotels.
The Income Tax Department’s breakthrough in seizing unaccounted payment receipts worth Rs.400 crore is a significant development in the pursuit of justice and the fight against tax evasion. The department is continuing its investigations into the alleged tax evasion schemes, as well as the role played by Jagadratshakan and his associates.