A prominent Tamil Nadu-based educational group has "admitted" to having Rs 532 crore of undisclosed income after the Income Tax Department raided its multiple premises across the state, the CBDT said on Friday.
While the statement issued by the policy-making body of the tax department did not identify the group, official sources named it as the Velammal group.
The CBDT said the group operates "leading educational institutions having a large number of schools and colleges in Chennai and Madurai region".
"The search has resulted in the seizure of around Rs 2 crore of unaccounted cash."
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