Velammal Group admits to having ₹532 crore black money

Tamil Nadu's Velammal Group of Institutions has admitted to possessing undisclosed income of ₹532 crore following income tax searches. The office of Velammal Educational Trust, the residences of trustees and key employees of the group were searched by the Income Tax Department. The group allegedly did not disclose fees collected in cash from students of its engineering colleges and schools.