CHENNAI:
Two separate groups running educational institutions were searched by Income tax department on Thursday. The searches are being conducted in more than 20 locations.
The searches have nothing to do about politics, sources said. The searches are being conducted at Saveetha group of institutions and institutions belonging to DMK MP S Jagathrakshakan.
The former Union minister has been under the scanner of central agencies earlier also. In 2016, the former Union Minister was under Income tax department who then claimed to have evidence of Rs 650 crore tax evasion after conducting series of raids. The raids were conducted in the educational institutions run by his family including the Bharath University in East Tambaram, Sree Balaji Medical College in Chrompet and Sri Lakshmi Narayana Institute of Medical Sciences in Puducherry
The DMK MP was also under Enforcement Directorate scanner in the year 2020 . The properties of the MP and his family members, worth Rs 89.19 Crore, were seized by Enforcement Directorate (ED) for acquiring foreign securities in Singapore based company in contravention of Section 4 of Foreign Exchange Management Act.
Investigations then revealed that Ion June 15, 2017, Jagathrakshakan and his son Sundeep Aanand had subscribed to 70,00,000 shares and 20,00,000 shares respectively (valued at Singapore $ 1/- per share) of Silver Park International Pte. Ltd., Singapore, without obtaining the approval of Reserve Bank of India. Further, these unauthorized acquired shares were transferred by Jagathrakshakan to his family members in contravention of Section 4 of FEMA read with Regulation 3 of the Foreign Exchange Management (Transfer or Issue of Foreign Security) Regulations, 2004.
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