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Black money menace! Fake note printing unit busted in Tamil Nadu

FE Online
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A fake currency printing unit was busted in Idigarai town in Coimbatore district of Tamil Nadu on Sunday, according to news agency ANI. Fake notes with a face value of Rs 14 lakhs were seized. The report suggests that the police have taken five persons into custody for interrogation in connection with the case. The probe is underway.

The development comes just days after the Income Tax department seized Rs 30 crore alleged black money from a coaching institute in Tamil Nadu. The I-T had conducted a search operation at 17 premises including residential premises - in Namakkal, Perundurai, Karur and Chennai - of the coaching group’s promotors.

The group is mainly into the running of educational institutions, and coaching institutes for competitive exams such as NEET. In a statement, the Central Board of Direct Taxes said that the search operation was undertaken on the basis of intelligence that the group was indulging in substantial tax evasion by suppression of fee receipts received from students.

"The modus operandi was to receive part of the fees in cash and such cash receipts were invariably not entered in the regular books of accounts. Instead, such receipts were maintained in a separate set of accounts," the CBDT said. The department also recovered incriminating evidence of suppression of receipts in the form of accounts maintained in diaries, in electronic storage devices and also in the form of huge sums of unaccounted cash. "It was found that cash was kept in lockers in banks in the names of employees who acted as benami or name lenders," the CBDT said.