New notes worth Rs 4.7 crore seized in I-T raids in Bengaluru

In the biggest seizure of cash in new currency post demonetisation, the Income Tax department today confiscated Rs 4.7 crore during searches in a dozen premises in Bengaluru and other locations.

Officials said the searches were launched on the premises of two engineers, working with the state government, and some “connected persons”.

A team of over 50 I-T sleuths and police personnel launched operations early morning and searched premises in Bengaluru, Chennai and Erode (Tamil Nadu).

“During the course of searches Rs 4.7 crore cash in new denominations of Rs 2000 and 0.3 crore in old/smaller denominations totaling Rs 5 crore and 7 kg bullion worth approximately Rs 2 crore were found in a flat owned by a civil contractor.

“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 Central Board of Direct Taxes (CBDT), the policy-making body of the tax department, said in a statement here.

 

SOURCE: PTI