THE Income Tax Department raids at Chennai-based industrialist and AIADMK functionary Shekar Reddy’s various businesses and residences continued for the third day on Sunday. Sources said that the CBI and the Enforcement Directorate (ED) have also joined the probe after the total amount of cash and gold seized from Reddy’s possession seems to be more than what they had imagined.
Till Friday, the I-T Department had seized Rs 154 crore, including Rs 34 crore currency in the new Rs 2,000 denomination, and over 167 kg of gold.
“We are coming across more wealth stashed at many more places. The CBI and ED are required to advance the probe,” said an I-T official on the necessity of taking help from the ED.
Meanwhile, on Friday morning, I-T officials seized Rs 24 crore cash, all in Rs 2000 notes, from a vehicle near Vellore. Sources said that the seizure was also linked to Reddy. The AIADMK leader has a maximum number of businesses and owns a dozen sand quarries in Vellore.
The serial number of seized currencies were different, which means the currency bundles were sourced from different banks in collusion with officials,” the official added.
On Saturday, the I-T officials seized around 40 kg gold from a house owned by Shekar Reddy in Chennai. Already, investigators have seized over 127kg gold from a five-star hotel and residence of Reddy associates.
“The raids are still going on in multiple places, including six residential and two office locations,” said an official.
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