IT Dept raids ‘wellness group’ campuses in Chennai, Bangalore, Hyderabad, AP

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ANI |
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 numerous 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 lined 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 keeping with a press release from CBDT.
The group, which was based by a religious guru within the 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 inspiration of the group, and his son. The programs appeal to residential clients from overseas and the group earns substantial receipts in international trade,” 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 likewise in investments overseas. The search motion which continues to be in progress has lined 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 recurrently suppressing its receipts at its numerous centres or ashrams.
“Proof has been discovered with key workers who maintained a file of money collections that have been saved outdoors the accounts to be used in making investments elsewhere and likewise 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.
Other than the above, substantial sums of foreign currency echange have additionally been discovered and seized. The entire of such international trade discovered at these premises is about USD 2.5 million which quantities to roughly Rs 18 crore.
“International trade 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 lot of 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 number of are discovered to be receiving funds from international purchasers who attend the assorted 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 below the garb of bills and receiving a small share as charge,” the CBDT mentioned within the assertion.
“Cases have additionally been discovered the place the group is just not accounting for cash obtained from international purchasers in money in international foreign money 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)

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