Income Tax raids in SRM group: Rs 6.75 crore, documents seized

CHENNAI: Income Tax sleuths have seized cash to the tune of Rs 6.75 crore, besides documents indicating allegedly inflated expenditure and diversion of funds during their two-day raid on over 25 premises belonging to the SRM group, a top official said today.

"Documents indicating receipt of donations, inflated expenditure, diversion of funds of trusts and evasion of income tax were found during the operation", Sanjay V Deshmukh, Joint Director of Income Tax (HQ)(Investigation) said in a release.

Further invesigation was in progress, he added. 0perations were on in Chennai, Tiruchirapalli, Delhi, Ghaziabad, Sonepat and Bangalore.

The SRM Group of Companies is into diverse fields like medicine, electronics, hospitality, media and entertainment, transport, engineering construction, power and energy, publications and runs a university, besides having other institutions.