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Reading: Income Tax Department seizes Rs 73 crore in new currency and 100 kgs gold
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chennai cash seizure 647 120816091238
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Income Tax Department seizes Rs 73 crore in new currency and 100 kgs gold

Saurav Khanduri
Saurav Khanduri Published December 9, 2016
Last updated: 2016/12/09 at 11:41 AM
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Around Rs73 crore cash Rs 8 crore in the new currency and 100 kgs gold have been seized by the Income Tax Department during a raid on Thursday. The raid was conducted at multiple locations in the city to check instances of tax evasion post demonetization.

Contents
 Income Tax Department sizes asset at multiple locations Documents of sales and purchase are being scrutinized by the I-T

Income Tax Department seizes Rs 73 crore in new currency and 100 kgs gold

 Income Tax Department sizes asset at multiple locations

Official said the department has called in for additional staff, auditors, counting machines and baking personnel to ascertain the final figures of the recovered assets and formalize the seizure process under tax laws.

The operation was launched by I-T on at Least five locations of a syndicate involved in currency conversion from where they recovered Rs 8 crore in cash in new currency notes, Rs 65core cash in old notes and 100 gold bars of 1kg each.

Income Tax Department seizes Rs 73 crore in new currency and 100 kgs gold

 Documents of sales and purchase are being scrutinized by the I-T

 A number of documents related to financial transactions, entries of gold sale and records of sale/ purchase are being scrutinized by the tax investigators, said I-T officials. They further told that at least three people of the alleged organization are being interrogated by the taxmen who are still in operations.

On the other hand, few days back income tax department had also recovered Rs 5.7 cash in new notes in Bengaluru which was one of the largest seizures after which two other central investigation agencies, the CBI and Enforcement Directorate, had taken over the cases to probe instances of corruption, money laundering and large-scale hawala transactions in the wake of currency scrap on November 8.

 

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TAGGED: baking personnel, corruption, Demonetization, Income Tax Department sizes, Rs 73 crore

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Saurav Khanduri December 9, 2016
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