Established in 1986 with one school in Chennai, the Trust now owns and operates over 50 educational institutions across Tamil Nadu.
The Income Tax department, on Tuesday, conducted searches in properties belonging to Velammal Educational Trust in Tamil Nadu. Velammal Educational Trust owns and manages over a dozen educational institutions including schools and colleges in Madurai, Theni, Sivaganga, Karur and Chennai.
According to sources, searches are being conducted in around 50 locations in Madurai and Chennai belonging to Velammal Educational Trust. The searches began on Tuesday morning based on information about suspected tax evasion and are still in progress.
Founded in 1986 by MV Muthuramalingam with one school in Chennai, Velammal Educational Trust is now a huge group with around 56 educational institutions across Tamil Nadu.
In November 2019, the Income Tax department had conducted searches in over 25 locations in and around Chennai belonging to the Jeppiaar Educational Trust on suspicion of tax evasion. Jeppiaar Educational Trust owns and manages several colleges in and around Chennai.
(This is a developing story)
Source: The News Minute