Hyderabad, March 10 -- Income Tax raids are being conducted since Monday, March 10, at several centers of Sri Chaitanya Educational Institutions across India, including Hyderabad, Andhra Pradesh, Delhi, Mumbai, Kolkata and Chennai over alleged financial irregularities.

The massive raid is simultaneously taking place over 30 campuses across India after IT officials claim that the popular educational institution collected large sums of money from students in cash but failed to report the transactions or pay taxes.

According to local media, Sri Chaitanya institutions generated hundreds of crores annually through tuition, examination, and admission fees. The authorities maintained two separate software systems for internal transactions.

On...