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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First Published on: December 1, 2016 6:26 pm
  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
                  1. M
                    MyTake
                    Dec 1, 2016 at 6:15 pm
                    Explains why there is long que wanting to exchange/withdraw money!lt;br/gt;lt;br/gt;Next step should be demonitising 2000 Rupee notes!
                    Reply
                    1. M
                      MyTake
                      Dec 1, 2016 at 6:29 pm
                      Is corruption is in india's DNA, one would be tempted to ask! lt;br/gt;lt;br/gt;Or is it Nehruites who cultivated Indian mindset for 65 years successfully planted their genes in it, wanting to cause the mutation of the real Indian genes? This perhaps was the only way a corrupt regime HOPED to keep one billion plus people engaged with something not knowing what else could be done, for lack of proper growth of other faculties in their brain and real sympathy for the people! How can India fight with external enemies when termites are eating it up from inside, "Left Right and Centre"? lt;br/gt;lt;br/gt;One way is to ban the 2000 Rupee notes and trace each and every transactions of it after December 30! In the mean time ban any cash transaction above 5000 in cash, illegal and freeze all big cash amounts for time being, wherever they are!lt;br/gt;lt;br/gt;Hope exemplary punishment that can also work as deterrent for others, will be meted out to them! In this case deterrent is more important then just giving punishment!
                      Reply
                      1. N
                        Niketan
                        Dec 1, 2016 at 5:49 pm
                        Modi and BJP fooling w country. Emergency is next step. Those supporting Notebandi Scam must wake up. They will also be suffering along with w country no matter what they think now. People gave landslide victory in 2014 Election now paying price for their mistakes. Strong oppostion with balanced parliment is the only good thing for strong democracy which stops country turning into dictatorship. US Congress and Senate has balance of power that's why advanced country function well.
                        Reply
                        1. T
                          Trace
                          Dec 2, 2016 at 4:29 am
                          "Demonization" A way for a party to curb black money so as to generate their own. We will be seeing more of this for every party that comes in to become richies.
                          Reply
                          1. S
                            Soundar
                            Dec 1, 2016 at 3:48 pm
                            Corrupt and black money holders should be arrested immediately after seizing money and put behind bars without bail for mlnlmum 30days. For black money holders the seized money is extra for them as such seizing will not affect them. If need the law should be amended . Otherwise any amount of demonitization will not reduce corruption or black money. There is a fundamental flaw in our system that corrupt and black marketers continue to loot poor Indian people. Recently at Chennai a college was raided and black money and gold were seized but no arrest so far.
                            Reply
                            1. M
                              Man
                              Dec 1, 2016 at 5:37 pm
                              The person who was caught is not the only person who was doing corruption, he is just a sample
                              Reply
                              1. M
                                Man
                                Dec 1, 2016 at 5:41 pm
                                ha! you have not read any local news earlier. these IT raid incidents have long been part of local news. Only now they started to make it national news
                                Reply
                                1. K
                                  Kiran Singh
                                  Dec 1, 2016 at 2:03 pm
                                  A new type of black marketing is started. It is clear that note ban is totally failure. It haven't minimize the black money but have given opportunity for black marketing of note.lt;br/gt;9 lank Cr already deposited in bank. It means only 2 lakh Cr is remaining to be deposited in bank excluding the amount Which was already with bank Which seems to be deposited in one month. lt;br/gt;We have to analyze what we got in this note demonetization.lt;br/gt;Got nothing but making trouble to general people.
                                  Reply
                                  1. A
                                    Abhijit Bhattacharya
                                    Dec 1, 2016 at 2:45 pm
                                    Like the BJP leader who supported demonetization, Mukesh Amabani also gave an interview today supporting demonetization. Now, the ED must go and recover crores from him. Will they dare to do that?
                                    Reply
                                    1. K
                                      kris
                                      Dec 2, 2016 at 9:27 am
                                      better - when opposition come they loot prev party - instead of distribution loot oin 60:40 ratio
                                      Reply
                                      1. K
                                        kris
                                        Dec 2, 2016 at 9:26 am
                                        he may be pathetic liar lt;br/gt;but you are no different - why should an indian fear about army?lt;br/gt;even s feel produ of their army despite being ruled by them
                                        Reply
                                        1. K
                                          kris
                                          Dec 1, 2016 at 4:40 pm
                                          if bjp is doing what congress did - you will not be hearing some one getting caught
                                          Reply
                                          1. A
                                            ak dev
                                            Dec 1, 2016 at 5:58 pm
                                            Corrupts in India don't want cashless economy precisely because they wont be able to take bribe without being traced. Therefore, after demonetisation Modi will be focusing on making India a cashless economy.
                                            Reply
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