The Central Bureau of Investigation (CBI) on Tuesday arrested Mr P. Kishore, Managing Director of the Chennai-based Everonn Education Ltd, for tax evasion of Rs 116 crore.
An Additional Commissioner of Income Tax (Mr Andasu Ravindar) and a middleman (Mr Uttam Chand Bohra) were also arrested for accepting a bribe of Rs 50 lakh, according to a CBI press release.
According to the release, Mr Kishore had concealed taxable income of Rs 116 crore and requested an I-T officer to conceal around Rs 60 crore of taxable income.
The three were called for questioning at the I-T office this morning and were later arrested.
It was alleged that Mr Ravindar organised a search and survey proceeding at Everonn, a V-Sat education network company.
The search revealed that Mr Kishore had concealed taxable income of Rs 116 crore. Mr Kishore allegedly contacted Mr Ravindar through a chartered accountant to reduce the income-tax liability.
After holding negotiations, he requested Mr Ravindar to suppress Rs 60 crore of taxable income out of Rs 116 crore.
Finally, it was agreed that Mr Kishore would pay Rs 50 lakh as bribe to Mr Ravindar to conceal the taxable income and reduce his tax liability, the CBI release said.
Mr Kishore brought the bribe amount of Rs.50 lakh in a cardboard box and handed it over to Mr Ravindar at his house.
However, Mr Ravindar wanted to transport the amount to an unknown place through Mr Bohra.
At this point of time, on a tip-off, the CBI apprehended Mr Ravindar and Mr Bohra when they were trying to remove the Rs 50 lakh. The money was seized, and Mr Kishore was also arrested.