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IT Raids On Vydehi Group Unearth Rs 43 Crore Black Money


Income tax officers have recovered Rs 43 crore in unaccounted cash in raids on the DK Adikesavulu group of companies, including Vydehi Medical College and Hospital in southeast Bengaluru, and Mallya Hospital. The investigations and searches carried out in Karnataka, Andhra Pradesh, Tamil Nadu and Delhi in the three day operation started early on September 23. The seizure of Rs 43 crore is said to be the largest in Karnataka, second only to an earlier raid in Puducherry , where Rs 82 crore was seized from a private medical college.

"Investigations revealed that the money was related to cash donations collected from students during admission. Apart from the cash, a large number of incriminating documents and evidence was also seized. This has resulted in the immediate disclosure of unaccounted income of more than Rs 265 crore. Further scrutiny of the evidence is in progress," a source in the income tax department informed Private News Agency.

The amount of cash seized is likely to increase as the department is still scanning the documents seized during the search operation. Private medical colleges are amassing crores of cash by selling medical seats. We recently raided a medical college near Yeshwanthpur and found unaccounted income of Rs 275 crore. Most of this income was through sale of medical seats and sale of medication in pharmacies," sources said.

The Vydehi group, whose founder chairman was the late liquor baron D K Audikesavulu, also owns a chain of hospitals. The institution offers medical, dental, paramedical and nursing courses, and runs a charitable hospital. IT officials scanned 25 medical premises. Income tax officials carried survey operations in 25 premises belonging to hospitals, clinics and nursing homes. "The survey began on Tuesday and ended early on Wednesday.

The survey was carried out in Malleswaram, Marathahalli, Jayanagar, Basavanagudi, Indiranagar, Koramangala, Yeshwanthpur, Vijayanagar, Yelahanka, Yeshwantpur and Devanahalli. Incriminating evidence leading to detection of undisclosed income of several crores of rupees has been found," sources said.

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