Surat I-T officials seize Rs 1-crore in old notes

According to sources, the diamond firm owner was also running finance and money exchange businesses like exchanging in old notes with new notes for commission.

Published:December 2, 2016 6:13 am
demonetisation, demonetised notes, Rs 500 notes, 1000 notes, ICA, indian cellular association, india news, indian express news According to sources, the diamond firm owner was also running finance and money exchange businesses like exchanging in old notes with new notes for commission.

The Surat income tax department officials seized cash worth Rs 1 crore in old Rs 500 and Rs 1,000 denominations from a diamond merchant here on Thursday. Acting on a tip-off, the income tax department officials carried out raids in the office of a diamond trading firm in Haripura area and found cash Rs 1 crore kept in two bags. As the diamond merchant failed to give any satisfactory reply, the officials seized the money along with some documents. During the interrogation, the diamond firm owner disclosed that he had received the money from his friend, also a diamond trader, for business purpose.

According to sources, the diamond firm owner was also running finance and money exchange businesses like exchanging in old notes with new notes for commission.

Later, the IT officials also carried out raids in the office of another diamond merchant who had handed over the seized cash and found nothing in his office. ens