I-T department seizes 6.5 kg jewellery, Rs 4.01 cr cash in Karnatakahttps://indianexpress.com/article/business/business-others/i-t-dept-seizes-6-5-kg-jewellery-rs-4-01-cr-cash-in-karnataka-5154524/

I-T department seizes 6.5 kg jewellery, Rs 4.01 cr cash in Karnataka

The tax department has also found evidence of inflated purchases, payments to bogus sub-contractors, inflated/fraudulent labour payments, unaccounted cash payments in the searches in Karnataka.

I-T dept seizes 6.5 kg jewellery, `4.01 cr cash in Karnataka
 The tax department has also found evidence of inflated purchases, payments to bogus sub-contractors, inflated/fraudulent labour payments, unaccounted cash payments in the searches in Karnataka. (Express photo by Vasant Prabhu)

The income tax (I-T) department in its series of actions against cash hoarders seized unaccounted cash of Rs 4.01 crore and unaccounted jewellery of 6.5 kg worth Rs 2.20 crore from three contractors in Bangalore, Davangere and Mysore on Thursday, officials said.

In Hyderabad, too, searches continued leading to a further cash seizure of Rs 1.65 crore. The tax department has also found evidence of inflated purchases, payments to bogus sub-contractors, inflated/fraudulent labour payments, unaccounted cash payments in the searches in Karnataka.

“Unaccounted cash of Rs 4.01 crore and unaccounted jewellery of 6.5 kgs, valued at Rs 2.20 crore have been seized. Of this cash of Rs 1.2 crore was found in a moving car after a hot pursuit,” a department statement said.

The Income Tax Department on Thursday had said that it had seized Rs 14.48 crore in cash during raids at various locations across three states, including poll-bound Karnataka. With Thursday’s seizure, the total cash seized in these searches over the last 2-3 days has reached Rs 20.14 crore, they said.

The Central Board of Direct Taxes (CBDT), had recently asked its investigation wings in the country to check instances of cash hoarding. Also, the department is maintaining a vigil on cash transactions after the announcement of Karnataka elections on March 27. Voting in the state is slated to be held on May 12.