Up to date: Oct 18, 2019 18:12 IST
New Delhi [India], Oct 18 (ANI): The Earnings Tax (IT) Division has carried out a search operation in a case of a conglomerate of trusts and firms that run year-round “wellness programs” and coaching programmes in philosophy and spirituality at varied sprawling residential campuses in Andhra Pradesh’s Varadaiahpalem, Chennai, Hyderabad and Bangalore.
The raids, which have been carried out on October 16 and are nonetheless in progress, has coated about 40 premises positioned in Chennai, Hyderabad, Bengaluru and Varadaiahpalem. The undisclosed earnings of the group detected to this point is estimated at greater than Rs 500 crore, in response to a press release from CBDT.
The group, which was based by a religious guru within the Nineteen Eighties with “oneness” philosophy, has additionally diversified into a number of sectors together with actual property, development and sports activities in India and overseas, the CBDT assertion mentioned on Friday.
“The group is presently managed and managed by the religious chief who laid the muse of the group, and his son. The programs entice residential prospects from overseas and the group earns substantial receipts in overseas change,” it mentioned.
“There was intelligence that the group has been suppressing its receipts that are ploughed into funding in enormous tracts of landed property in Andhra Pradesh and Tamil Nadu and in addition in investments overseas. The search motion which remains to be in progress has coated about 40 premises positioned in Chennai, Hyderabad, Bangalore and Varadaiahpalem,” the assertion added.
Throughout the search proceedings, proof has been discovered that the group has been repeatedly suppressing its receipts at its varied centres or ashrams.
“Proof has been discovered with key workers who maintained a file of money collections that have been saved exterior the accounts to be used in making investments elsewhere and in addition for paying for properties over and above documented values,” the CBDT assertion mentioned.
It’s learnt that the group additionally earned unaccounted earnings in receiving money from property gross sales over and above documented values. A preliminary estimate of such unaccounted money receipts is Rs 409 crore from 2014-15 onwards.
“Such unaccounted money receipts are additionally evidenced by enormous portions of money and different valuables discovered on the residences of the founder and his son, and at one of many campuses. A complete sum of money of Rs 43.9 crore has been discovered and seized by the Division at these premises,” the assertion mentioned.
Aside from the above, substantial sums of foreign currency have additionally been discovered and seized. The entire of such overseas change discovered at these premises is about USD 2.5 million which quantities to roughly Rs 18 crore.
“International change in different currencies has additionally been discovered and seized. Substantial portions of undisclosed gold within the type of jewelry, about 88 kg roughly valued at over Rs 26 crore, has additionally been discovered and seized,” the assertion mentioned.
“Undisclosed diamonds amounting to 1,271 carats valued roughly at about Rs 5 crore have been additionally discovered and seized. The entire worth of seizure to this point is roughly Rs 93 crore. The undisclosed earnings of the group detected to this point is estimated at greater than Rs 500 crore,” it added.
An necessary discovering of the search is that the group has been investing in quite a few corporations in India and overseas, together with in tax havens. A few of these corporations based mostly in China, USA, Singapore and UAE to call a couple of are discovered to be receiving funds from overseas purchasers who attend the varied residential “wellness programs” supplied in India.
“The IT Division is investigating the diversion of earnings taxable in India to offshore entities by the group on this course of. Additional, it’s discovered that one of many group trusts could also be offering lodging entries for different events by receiving donations from them after which returning the cash again beneath the garb of bills and receiving a small share as payment,” the CBDT mentioned within the assertion.
“Situations have additionally been discovered the place the group shouldn’t be accounting for cash acquired from overseas purchasers in money in overseas forex after which exchanging the identical within the gray market. All these leads are being pursued and the investigation is in progress,” the assertion additional mentioned. (ANI)