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.

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  1. A
    Amit Kumar
    Dec 2, 2016 at 4:11 am
    Request to IT Department, raids all the govt. engineers in the country, you get much more than this.
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    1. A
      ah
      Dec 2, 2016 at 1:50 am
      Modi's sheme of BLACK MONEY has really worked ................. now every cab save in 2000 Notes ............ LOL ............. meanwhile POOR are standing in ques for Basic needs like food ................ only Modi Bhaqt are reaping benefits of Madmodinomics .............
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      1. P
        pavan
        Dec 2, 2016 at 3:46 am
        No matter what we all should support corruption steps taken by modi or else no future for lt;br/gt;nex gen of india
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        1. K
          kb
          Dec 2, 2016 at 2:55 am
          Yes, after Rs.550 crores' wedding, ITDept can now hold its head high on its shoulders.
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          1. S
            Sankaran Krishnan
            Dec 2, 2016 at 3:38 am
            The simple query is how they got that much new Notes and what action the IT department had taken against the Bank branches that exchanged the new Rs.2000 notes that are meant for circulation and why not suspend them from the service for their unlawful act and hope all concerned are arrested and as well seize their ets and bank accounts !!!
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