Firstpost

The Central Bureau of Investigation on Tuesday arrested P Kishore, managing director of private educational institute Everonn Education,  on  charges of bribing an Income Tax official with Rs 50 lakh.

Additional Commissioner Andasu Ravinder was also arrested for accepting the bribe. He has been on the CBI’s radar for the past few years. According to the CBI,  Ravinder allegedly took the money to favour the institution in a tax evasion case.

Without naming the company or the executive involved, the CBI  in a  press release posted on its website, said it has arrested an additional commissioner of income tax   posted in  Chennai and the  managing director of a Chennai-based private educational firm in a bribery case of Rs 50 lakh.

The tax officials conducted a search on the premises of the unnamed private educational firm on 4 August, which revealed that the firm’s managing director had concealed taxable income to the tune of Rs 116 crore, said the agency.

After the detection of the taxable income, the managing director of the firm (P Kishore) contacted the Additional Commissioner (Ravinder) through a Chartered Accountant. After several rounds of negotiations , he convinced the tax sleuth to reduce the taxable income to Rs 60 crore in return for a bribe of Rs 50 lakh.

On Ravinder’s instructions, the money was handed over at his residence in Nugumbakam, Chennai. However, at this stage, the CBI on a tip off apprehended the Additional Commissioner and seized the money when the latter was  transporting the bribe money to a safe place with the help of another aide Uttam Chand Bora. After preliminary inquiries, the team arrested Ravindar,  Bora and  Kishore.

Simulatenous searches are being conducted at their residences and others related to the case in  Mumbai, Hyderabad, Vizag,  Bangalore and Chennai. The searches have resulted in the seizure of Rs 58 lakh in cash and more than 1.8 kg of gold, said the CBI.

Watch video: P Kishore, MD, Everonn, concealed income worth Rs 16 crore