I-T seizes Rs 25 cr cash, jewellery in K'taka medical searches

The Income Tax department has seized cash and jewellery worth Rs 25 crore after conducting searches at four medical colleges of the state.
The department, according to sources, seized Rs 18 crore of cash while about Rs 7 crore of gold ornaments and other accessories made of the precious yellow metal was seized during the operations which concluded today.
The department also made it clear that the searches were confined to these educational entities and none of the religious institutions were visited by their sleuths as part of their operations.
A report in this regard has also been sent to the Central Board of Direct Taxes (CBDT), the apex policy making body of the department, in Delhi.

"Income Tax searches were conducted on a few educational institutions running medical colleges in Karnataka on July 18. It is clarified that no search was conducted on any religious body, institution, mutt or against any community. The searches were confined solely to the activities of these educational institutions," the I-T department said in a statement.