Biggest seizure of Rs 142 crore, gold after demonetisation
In the biggest seizure of cash and gold post demonetisation, the Income Tax department yesterday said it has seized unaccounted assets worth over Rs 142 crore
The cash seized by Income Tax department in Chennai. Pic/PTI
Chennai/New Delhi: In the biggest seizure of cash and gold post demonetisation, the Income Tax department yesterday said it has seized unaccounted assets worth over Rs 142 crore — that includes about Rs 10 crore in new notes and gold bars weighing 127 kg — during searches at multiple locations in Chennai to check tax evasion.
This largest seizure of new currency notes in the country, after the old Rs 500/1,000 notes were scrapped on November 8, was by the sleuths of the investigation wing of the Income Tax department after raids were launched yesterday on eight premises of a group engaged in sand mining in Tamil Nadu.
"The group has sand mining licence for the entire state of Tamil Nadu. Eight premises (six residential and two offices) were covered in the search. During the search, Rs 96.89 crore in old high denomination notes and R9.63 crore in new Rs 2000 currency notes along with gold weighing 127 kg worth approximately Rs 36.29 crore were found and seized, as unaccounted assets," the Central Board of Direct Taxes, policy-making body for the I-T department, said in a statement issued in Delhi. The total value of the assets is about Rs 142.81 crore.
Meanwhile, officials said S Reddy, a contractor working with the state government, has claimed the entire money and the gold as his own and is being questioned along with other people. Police yesterday also seized Rs 76 lakh cash in denomination of Rs 2,000 from four persons in Surat and detained them as they failed to explain source of the money.
The cash in crores in new Rs 2000 notes
Worth of the gold weighing 127 kg in crores of rupees
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