Officials from the Karnataka and Goa Income Tax Directorate seized Rs 1.15 crore in cash, including Rs 1.07 crore in new Rs 2000 notes, from the residence of a transport businessman at Anekal taluk in south Bengaluru Friday.
The officials said they received a tip-off that a person in Anekal was in possession of new currency and was looking at trading it for old currency. The I-T team entered the businessman’s house posing as buyers for new currency. As soon as the availability of the currency was confirmed, the officials searched the premises and found Rs 1.15 crore, including Rs 1.07 crore in new currency.
I-T officials also reported finding Rs 47.74 crore of undisclosed income from seven jewellers and bullion merchants in Bengaluru. The I-T department said some bullion dealers were exchanging gold bullion for demonetised notes on a commission basis by using services of small jewellers.
An investigation has revealed that sale of gold shot up in November (after demonetisation) compared to the same period last year, the I-T department has said in a statement.