New Delhi: In a major black money raid, Income Tax officers recovered Rs 43 crore in cash from DK Audikesavulu group of companies including Vydehi Institute of Medical Sciences and Research Centre.

The recovered currency notes of Rs 500 and Rs 1,000 are said to be cash donations collected from students, primarily for medical seats. A large number of incriminating documents and evidence was also seized.

According to reports, the three-day search was started in the early hours of September 23.

The seizure of cash in Karnataka is the second largest such incident of black money in a medical college in India. The biggest was the seizure of Rs 82 crore in cash from a private medical college in Puducherry.

In December 2015, a massive amount of Rs 19.5 crore was seized from a medical college in Raichur, run by the Navodaya Educational Trust.

IT officials also raided few other associated institutions in Andhra Pradesh, Tamil Nadu and Delhi, and the premises of key members of the group.