The Income Tax department raided 8 locations in Chennai including anna Nagar and T Nagar, seizing Rs 90 crore in cash out of which rs 70 crore were in new notes.
The Income Tax department raided 8 locations in Chennai including anna Nagar and T Nagar, seizing Rs 90 crore in cash out of which rs 70 crore were in new notes. The I-T department also seized 100 kgs of gold from these 8 locations. According to reports, the I-T department questioned businessmen Sekar Reddy, Srinivasa Reddy and Prem as they busted the money exchange racket. Earlier, in other raids, Hyderabad police had confirmed the detention of 5 people, including a woman with Rs 95 lakh of unexplained cash, out of which Rs 18,000 was in the new denomination currency notes.
This came after a day of the Income Tax department seizing crores from several premises in Bengaluru among other locations across the country. The search operation launched by over 50 Income Tax officials recovered Rs 5.7 crore in Rs 2000 currency notes. Seven kilogrammes of gold bullion, worth Rs 2 crore was also recovered by the IT officials from a civil contractor.
On December 6, the Finance Ministry on Tuesday released a statement which showed that approximately Rs 2000 crore of undisclosed income was admitted by taxpayers since the announcement of demonetisation. The statement also noted that the Income Tax Department had carried out investigations into more than 400 such cases since the announcement and seized Rs 130 crore in cash and jewellery. It also stated that Bengaluru saw the maximum number of references to Enforcement Directorate of seizures of high denomination demonetised notes.