I-T seizes Rs 4.7 crore in new currency in Bengaluru

The I-T department also seized several property documents and luxury cars, including a Lamborghini.

By: Express News Service | Bengaluru | Updated: December 2, 2016 12:46 pm
i-t1 I-T department Thursday seized new currency notes worth Rs 4 crore during a search operation in Bengaluru.

THE INCOME-TAX Department seized Rs 4.7 crore in new Rs 2,000 denomination notes along with gold bullion and jewellery from four persons — two government engineers and two contractors — following searches conducted on Wednesday and Thursday at 10 premises.

The department also seized several property documents and luxury cars, including a Lamborghini, I-T officials said.

“During the course of the searches, Rs 4.7 crore cash in new denominations of Rs 2,000 and Rs 30 lakh in old smaller denominations, totalling to Rs 5 crore, and 7 kg bullion worth approximately Rs 2 crore were found in a flat owned by a civil contractor. The new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission,” I-T department spokesperson Meenakshi Goswami said in an official release.

WATCH VIDEO: New Currency Notes Worth Over Rs 4 Crore Seized In Bengaluru

Sources said the government engineers whose properties were searched were S C Jayachandra, the chief project officer for the Karnataka State Highway Development Scheme, and T N Chikkarayappa, the managing director of Karnataka Neeravari Nigam Limited, a state-run water engineering company.

Both engineers are known to be well-connected politically in Karnataka. Searches were also conducted in Chennai and Erode by the I-T department with regard to the engineers and contractors since the cash found is suspected to have been laundered through Tamil Nadu.