I-T sleuths raid SRM Group's premises

Seized Rs 6.75 cr in cash and incriminating documents

The income-tax (I-T) department has seized Rs 6.75 crore in cash and incriminating documents -- receipt of donations, inflating expenditure, diverting funds of trusts and evading income tax -- from the SRM Group of Companies.

The SRM Group of Companies is into diverse fields such as medicine, electronics, hospitality, media and entertainment, transport, engineering construction, power and energy. It also runs a university and some other educational institutions.

Without mentioning the group’s name, the I-T department said its search operation was successfully conducted. Around 250 officers and officials of the department have participated in the raid across Chennai, Trichy, Delhi, Ghaziabad, Haryana, and Bangalore.

When contacted, the group’s founder, T R Pachmuthu and his son, Ravi Pachamuthu were not available for comment.The release added that search and seizure operations had been carried out by the investigation directorate of the I-T department, Chennai.

The department said further investigation is in progress.Sources in the department have confirmed that the search was at the SRM Group, which runs a Tamil news channel ‘Puthiya Thalaimurai’, and magazines ‘Kalvi’ and ‘Puthiya Thalaimurai’.

It may be noted that in April 2010, SRM University chancellor Pachmuthu (who is also the founder) had started a political party – Indhiya Jananayaka Katchi (which means Indian Democratic Party).

According to reports, in March this year, the Madras High Court issued an anticipatory bail to Pachmuthu and his son Rav. They obtained the bail reportedly after the Central Investigation Bureau had issued a summon notice related to alleged collection of capitation fee at SRM Medical College Hospital and Research Centre, where Pachmuthu is the chairman and managing trustee.