₹5.7 cr and counting: New notes seized in Bengaluru, TN raids
The biggest-ever seizure of cash in new currency has grown to over ₹5 crore, with the Income Tax department detecting unaccounted income to the tune of ₹152 crore in searches at a dozen premises in Bengaluru and other locations.
I-T officials said the cash found, after searches were launched Thursday on the premises of two engineers, working with the state government, and two contractors has risen to ₹5.7 crore, all in new ₹2,000 notes.
“Total admission of unaccounted income by the group stands at ₹152 crore. Investigations are on,” they said.
Thedepartmentalsorecov- ered 7 kg bullion and jewellery weighing 9 kg, worth ₹5 crore, after these operations.
“About ₹90 lakh has been found in the old demonestised currency. In addition, several property documents were also found and seized,” they said on Friday.
A team of over 50 I-T sleuths and police personnel had launched operations Thursday in Bengaluru, Chennai and Erode in Tamil Nadu.
The Central Board of Direct Taxes said in a statement that “the new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission of an engineer and a contractor.”
The department had to call in note counting machines and additional staff to ascertain the value of the cash.
The sheer amount of new currency, at a time when new notes are not available to the common public, has startled the sleuths.
“Such volume of new currency cannot be obtained without connivance of bank officials,” a senior I-T department official said.