Raid on South guru, `500cr recovered
I-T teams search 40 premises of Kalki Bhagwan’s trusts, firms
Chennai, Oct. 18: Searches in multiple premises spread across Southern states in firms and trusts founded by spiritual guru “Kalki” Bhagwan has led to detection of undisclosed income of more than `500 crore, the Income Tax department said on Friday.
The undisclosed income covers unaccounted cash receipts of about `409 crore.
A total of `43.9 crore in cash and US currency worth `18 crore was seized and the total value of seizure is about `93 crore, which includes gold and diamonds, a tax department official release said.
It was found that the group was investing in tax havens and the tax department is probing "diversion of income taxable in India to offshore entities."
A string of 40 premises connected to a conglomerate of trusts and companies founded by the spiritual guru that ran "wellness courses" were searched on Wednesday. The searches, which are still in progress, has covered premises in Chennai, Hyderabad, Bangalore and Varadaiahpalem in Andhra Pradesh, a stone's throw from the Tamil Nadu border. The entities founded by the guru, who propounded "oneness philosophy, "offered "wellness courses" and training programmes in philosophy and spirituality at various sprawling residential campuses at Varadaiahpalem, Chennai and Bengaluru.
The courses attract residential customers from abroad and the group earns substantial receipts in foreign exchange.
The group, with interests in several sectors, including real estate, construction and sports in India and abroad, "is presently managed and controlled by the spiritual leader who laid the foundation of the group, and his son."
Raids were initiated on a tip off that the group has been suppressing receipts that are ploughed into investments in abroad and landed property in Andhra Pradesh and Tamil Nadu, according to the department.