IT dept raids premises in Bengaluru; Over Rs 4cr in new currency seized
Bengaluru: The Income Tax department on Thursday seized new currency notes amounting to Rs 4 crore during raids at various places in Bengaluru, Chennai and Erode in Tamil Nadu.
The searches were launched at the premises of two engineers, working with the state government and keep good repo with the connected persons.
About the raid:
- A team of 50 officials, both from the Income Tax department and Police, raided about a dozen premises.
- Rs 4.7 crore cash seized in new denomination currency notes.
- 0.3 crore have been confiscated in small currency notes amounting the total to Rs 5 crore.
- 7 Kg bullion worth approximately Rs 2 crore was also recovered from the flat owned by a civil contractor.
- Documents related to purchase of properties have been also seized from the premises.
- IT department officials are also looking into 10 more premises where cash and other unaccounted wealth is expected to be stashed.
What has surprised the tax authorities is the recovery of new notes in such a large number. Bankers and some entry operators are under the scanner and the Income tax officials are keeping a watch on them.