1. Rs 10.50 cr assets seized from ‘chaiwala’ turned financier

Rs 10.50 cr assets seized from ‘chaiwala’ turned financier

The Income Tax department has seized alleged unaccounted assets worth Rs 10.50 crore from a tea seller-turned-financier after raids were conducted against him here as part of the anti-black money crackdown post currency scrap.

By: | Surat | Published: December 18, 2016 11:40 AM
"The total value of the assets seized from the financier, who earlier worked as a 'chaiwala', is Rs 10.50 crore," I-T sources said. (Representative Image: Reuters) “The total value of the assets seized from the financier, who earlier worked as a ‘chaiwala’, is Rs 10.50 crore,” I-T sources said. (Representative Image: Reuters)

The Income Tax department has seized alleged unaccounted assets worth Rs 10.50 crore from a tea seller-turned-financier after raids were conducted against him here as part of the anti-black money crackdown post currency scrap.

The I-T department sleuths, who conducted the searches yesterday at the premises of the tea seller, recovered cash of Rs 1.45 crore, with new currency being at 1.05 crore, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.

“The total value of the assets seized from the financier, who earlier worked as a ‘chaiwala’, is Rs 10.50 crore,” I-T sources said as they refused to reveal the identity of the person citing ongoing probe.

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They added that while 13 of his bank lockers have been opened till now, four more are in the process to be opened and the expected seizure of assets may increase.

The sources added that the interception was made in the city as part of taxman’s anti-black money probe post demonetisation.

  1. D
    damodar Nayak
    Dec 18, 2016 at 12:36 pm
    IS THIS POSSIBLE WITHOUT HELP OF BANK NOT A TALLpossible to get such a huge new notes please check all the details of him carefully get all details and take serious action on bank and all people involved
    Reply
    1. D
      damodar Nayak
      Dec 18, 2016 at 12:39 pm
      Not at all possible without help of Bank officers very very bad example of cureption very bad take strict action make banks name published staff removed and make them black listed
      Reply

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