The investigation wing of the Income Tax department here today conducted searches on the premises of Sinhgad Institutes in connection with alleged tax irregularities and money laundering.
According to sources, the searches were initiated over alleged money laundering and income tax irregularities.
"A team of 8 to 10 officials is involved in the searches which are currently going on at Karve Road-based office of the Sinhgad Technical Education Society and Chinchwad-based Anand Co-operative Bank after income tax irregularities were found in their entries," said an IT official.
The CBI in April raided the residences of several officials of the Central Bank of India and officials of the Sinhagad Technical Education Society (STES) at different locations in connection with a Rs 58 crore scam.
Sinhgad Institutes founder Maruti Navale could not be contacted despite repeated attempts.
Disclaimer: No Business Standard Journalist was involved in creation of this content
