An undisclosed amount of Rs 48 cr was detected in raids conducted by the Income Tax department from Bullion dealers and jewellers in Bengaluru.
An undisclosed income of Rs 48 cr was detected in raids conducted by the Income Tax department from Bullion dealers and jewellers in Bengaluru, reported PTI. In a similar case of money laundering, new notes worth of Rs 1.07 cr were seized too.
This is not for the first time when money laundering, on such a large scale, has been busted in the state. Recently, counterfeited money was seized by the IT department twice in Karnataka.
Post demonetisation, the Income Tax department in Karnataka has busted various such alleged money laundering scams. As per various media reports, the state tops in IT raids as well as various criminal cases recorded in money laundering and counterfeiting. The scam of exchanging banned currency notes for new Rs 500 and Rs 2,000 notes is also being reported on a regular basis here.
As per reports, out of the total 48 cases income tax department has referred to the Enforcement Directorate (ED) for further investigations, 23 were reported in Karnataka. In a similar case, two Reserve Bank of India (RBI) official was arrested by the CBI for allegedly being involved in conversion of scrapped notes.
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The two RBI officials, Senior Special Assistant Sadananda Naika and Special Assistant A K Kavin were caught illegally exchanging of the older currency with new charging a commission between 30-35 per cent. Later the two were booked for criminal conspiracy under the Indian Penal Code and violations of the Prevention of Corruption Act.
In a newly reported money laundering case, undisclosed income of Rs. 12 cr, admitted by the assessee on the basis of incriminating papers/ documents, were seized by the IT department, reported ANI.