Cash Transactions Under Scrutiny: IT Raids on Sri Chaitanya Colleges
The Income Tax (IT) Department is conducting large-scale raids at Sri Chaitanya Educational Institutions across multiple cities in India. The searches are underway at branches in Andhra Pradesh, Telangana, Delhi, Mumbai, Pune, and Bengaluru, with officials investigating suspected financial irregularities. The Hyderabad-based educational group has come under scrutiny following allegations of tax evasion.
According to reports, Sri Chaitanya has been collecting tuition fees in cash from students and allegedly concealing these transactions to evade taxes. IT officials suspect the institution used two separate software systems—one for officially recorded online transactions and another to hide cash payments.
One of the key locations being searched is Sri Chaitanya’s headquarters in Ayyappa Society, Madhapur, Hyderabad. This office reportedly manages the institution’s corporate operations and student-related financial dealings. Around 20 IT officials are conducting searches at the premises, reviewing financial records and previously submitted tax returns to identify discrepancies.
The institution reportedly collects hundreds of crores of rupees annually through tuition fees, examination charges, and admission fees. A significant portion of these transactions is suspected to have been carried out in cash, potentially bypassing tax regulations. Allegations have also surfaced that students were pressured to pay in cash instead of using digital payment methods.
Officials have indicated that the raids are likely to continue into the following day as part of the ongoing investigation.