In Chennai IT raids, Rs.90 crore cash, 100 kg gold unearthed

The Income Tax department have cracked a money laundering racket and have seized Rs.120 crore worth demonetised notes, new currency and gold.

According to Income Tax officials three men — Sekhar Reddy, Srinivasa Reddy and Prem were involved in these transactions.

Sekhar and Srinivasa are industrialists whose major business is sand quarrying while Prem was their agent. Shekhar is also a member of Tirumala Tirupati Devasthanam Trust Board.

The taxmen who knocked the doors of the trio have unearthed Rs.80 crore of demonetised Rs.500 and Rs.1000 notes. They also found new Rs. 2,000 notes for Rs.10 crore. A senior investigating officer told The Hindu, “Gold bars weighing 100 kilograms were also seized.”

The raids were conducted at eight location including Anna Nagar, T.Nagar and Teynampet. The income tax official said that the department is surprised how the trio managed to get Rs.10 crore of new notes. “Some banks should have helped them we will probe into that,” he said.

The raids are still continuing.

SOURCE: PTI