The Income Tax Department has raided an ashram belonging to self-styled godman ‘Kalki Bhagwan’ in Chittor and his son’s business ventures in cities like Chennai, Hyderabad, Bengaluru and Varadaiahpalem over the last few days.
In the raid, tax authorities said 1,271 carats of diamonds worth Rs 5 crore and undisclosed income of Rs 500 crore were also unearthed, reported Times of India.
The search action which is still in progress has covered about 40 premises the government said in a press release. The group is presently managed and controlled by the spiritual leader who laid the foundation of the group, and his son the release reads.
There was intelligence that the group has been suppressing its receipts which are ploughed into investment in huge tracts of landed property in Andhra Pradesh and Tamil Nadu (TN) and also in investments abroad. A preliminary estimate of such unaccounted cash receipts is Rs 409 crore from FY 2014-15 onwards.
The unaccounted cash receipts are also evidenced by huge quantities of cash and other valuables found at the residences of the founder and his son, and at one of the campuses. A total sum of cash of Rs 43.9 crore has been found and seized by the Department at these premises as per the release.
Including foreign exchange and jewellery seized by the department, the undisclosed income of the group detected so far is estimated at more than Rs 500 crore.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.