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.
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.
For all the latest India News, download Indian Express App nowFirst Published on: December 2, 2016 6:57 am