Bengaluru: Rs 2000 notes worth over Rs 4 crore seized by Income Tax dept

I-T department Thursday seized new currency notes worth Rs 4 crore during a search operation in Bengaluru.

By: Express Web Desk | New Delhi | Updated: December 2, 2016 9:08 am
i-t1 I-T department Thursday seized new currency notes worth Rs 4 crore during a search operation in Bengaluru.

Officials from the Income Tax Department’s Karnataka and Goa region operations seized Rs 6 crore, including Rs 4.7 crore in new Rs 2000 denomination, along with huge bullion and jewellery from four persons – two government engineers and two contractors – following searches conducted on Wednesday and Thursday. In the search operations, apart from the cash in excess of Rs 6 crore, gold bullion weighing 7 kg approximately and jewellery in excess of 7 kg were also found, the I-T department said. Out of the total cash of Rs 6 crore found as much as Rs 4.7 crore is surprisingly in new currency of Rs 2000 notes. The I-T department has also seized several property documents and high-end luxury cars including a Lamborghini.

“Huge stacks of Rs 2000 notes have been recovered. The cash is amounts to over Rs 4 crore. The counting of the seized currency is still on. This is one the highest seizures of the new currency. Some entry operators and bankers are under the scanner,” a senior I-T department official told news agency PTI.

Identity cards belonging to several individuals were also found during the searches. I-T department suggested that these cards might have been used to exchange old currency notes at banks.

On Wednesday, the Enforcement Directorate raided several hawala operators across the country and seized Rs 1 crore in foreign exchange. The seized notes were Rs 50 lakh in old currency and Rs 20 lakh in new currency. The ED conducted searches at multiple locations in Delhi, Kolkata, Hyderabad, Bengaluru, Ahmedabad, Chennai, Mumbai and other cities.

In Chennai, Tamil Nadu Police seized Rs 20.55 lakh worth new currency notes from a BJP youth leader on Saturday. Arun, 26, is BJP’s youth wing secretary from Salem. He was actively campaigning for Prime Minister Narendra Modi’s demonetisation drive on social media. Tamil Nadu Police, in a joint operation with I-T department, also busted a currency exchange racket and seized Rs 1.3 crore in Rs 2000 notes.

More updates to follow

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  1. A
    Abhinav Gour
    Dec 1, 2016 at 1:02 pm
    The Matter Should be enquired By The appropriate and compitent agency that how he arranged so much new currency when the entire Nation is in crisis. The chain should be traced and booked
    Reply
    1. G
      GandhiSpeaks
      Dec 1, 2016 at 4:15 pm
      Can't have happened without involvement of Bank officers. Same way, all the NPA of banks can't happen without bank officers support. First lend huge amounts without sufficient collateral and then write off as bad debt. Banks never get punished. Has any bank officer ever got arrested in such scams??
      Reply
      1. R
        Ram
        Dec 2, 2016 at 3:09 am
        Utopian dreams turning into dystopian reality
        Reply
        1. S
          Shankar
          Dec 1, 2016 at 5:22 pm
          IT-raids only non-BJP ruled states?
          Reply
          1. S
            Shankar
            Dec 1, 2016 at 3:33 pm
            No money moves without the total knowledge of IB and RAW.
            Reply
            1. S
              Shankar
              Dec 1, 2016 at 4:08 pm
              Those who smuggled the money were actually IB agents!
              Reply
              1. E
                Earthkeeper
                Dec 1, 2016 at 10:39 pm
                Can the educated illiterates explain this
                Reply
                1. E
                  Earthkeeper
                  Dec 1, 2016 at 10:45 pm
                  From cashless to lesscash to stacksofcashlt;br/gt;In just 2 weeks . Now that's what I call game changer
                  Reply
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