1. Demonetisation: IT intercepts two at Hyderabad Academy, recovers Rs 36 lakh in cash

Demonetisation: IT intercepts two at Hyderabad Academy, recovers Rs 36 lakh in cash

Income Tax department in another raid conducted on the night of 16th December 2016 has recovered Rs 36 Lakhs cash.

By: | New Delhi | Published: December 18, 2016 11:20 AM
new notes, demonetisation, it raids, cash, demonetisation, demonetisation news, demonetisation latest news, It raids demonetisation The raid happened after the IT team along with police intercepted a speeding two-wheeler scooter at Tank Bund in Hyderabad. (PTI)

Income Tax department in a raid at Telugu Academy in Hyderabad conducted on the night of 16th December 2016 has recovered Rs 36 Lakhs cash. The cash recovered is in the new currency notes of Rs 2,000. The IT team reportedly intercepted some people who ran into a nearby apartment. When the IT team searched the apartment it found Rs 36 lakhs cash and all in 2,000 denomination. The source of money is not yet known and the IT team is probing the matter. In another incident on the 17th of December, the IT team recovered another 30 lakhs from two people. The raid happened after the IT team along with police intercepted a speeding two-wheeler scooter at Tank Bund in Hyderabad. This amount too was found to be in the new currency notes of Rs 2,000. The team is still investigating the matter and further information about the raids conducted in Hyderabad is awaited.

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The IT department has conducted several raids since Narendra Modi government demonetised high-value notes of Rs 500 and Rs 1,000. The PM in his November 8th speech had said that this move will help the country get rid of its black money which in turn will help the country progress. Since the demonetisation drive, the department has conducted raids on several businessmen and individuals and even banks. In a raid conducted in Karnataka’s Challakere, 5.7 crore cash in new currency notes and 32 kg of gold biscuits and jewellery and Rs 90 lakh worth of cash in old notes was recovered from the bathroom tiles of Hawala dealer. In one of its biggest recovery, the IT department has done by now, reportedly, in addition to cash; bullion, jewellery and property papers were found in this raid.

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