Chennai: On Thursday In yet another IT operation, the Income Tax department found Rs. 106 Crore of cash. This included Rs. 10 Crores in the latest new currency with Gold Bars that weighed around 127 KG. The searches were done in multiple locations inside the city in order to check on tax evasion.
IT Department Seized Rs. 106 Crores Currency with 127 kg Gold at Multiple Locations in Chennai
After the currency ban, this is the biggest new currency notes seizure once the old Rs 500 and Rs 1,000 notes were discontinued. The IT Officials said that S Reddy a state government contractor has claimed that the money and the gold as his own. Currently, they are questioning him. “127 kg gold in 1 kg bars and Rs 96 Crore in old currency and Rs 10 Crore in Rs 2,000 notes have been seized by the sleuths after the operation,” a top IT official said. Adding – “this is an unprecedented amount that the tax department has seized in recent times”.
The IT officials carried out the operation based on inputs from the intelligence regarding Reddy’s activities with a few others. The tax Officials also said that the agency was investigating on how the individual stashed away the new notes in large quantity. The new Rs 2,000 bundles had no bank slips on the bundles. The IT Teams launched operations at eight various locations of the “syndicate” in the currency conversion.
The tax sleuths also seized some financial transactions related documents and Gold Sale Entries, Sale & Purchase records too. While some are under the radar, there are three people from the alleged syndicate who are being questioned, as per the IT officials. “He (Reddy) is a contractor working with the state government. He is claiming the entire cash and gold to be his own. Further probe is on,” the IT officials said. They also said that the IT department would share details with the Enforcement Directorate as well as the CBI. This was for the further probe into the corruption angles and money laundering. The tax me were also scanning some bank officials.
Chennai IT Raid on Dec 8th: Gold weighing 127 Kgs worth approximately Rs36.29 Crore were found and seized says Ministry of Finance
— ANI (@ANI_news) December 9, 2016
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