Tamil Nadu: Rs 24 crore in new currency seized from Vellore

Upon interrogation of those detained in Chennai, a breakthrough was made in the recovery of this cash wherein the IT sleuths laid a trap for the person transporting Rs 24 crores in Vellore and subsequently seized the currency. Interrogation is currently underway of those who were detained in Chennai which could lead to further recoveries.

Following demonetisation, the Enforcement Directorate (ED) had carried out massive raids in 50 branches of 10 banks across the nation in an attempt to keep a tab on those account holders, who deposited huge amounts at one time. According to sources, the ED also received a strong tip off that several account holders post demonetisation deposited money and changed their black money into white through banks nationwide.

At present, the officials have started to check up those accounts that have suspicious transaction post demonetisation and shining bright on their radar are those banks and branches where maximum amount of cash in old currency has been deposited.

Meanwhile, Income Tax officials continue to carry out raids on the premises of three Chennai-based businessmen and Rs 106 crore in old and new currencies and 127kg of gold bars have been seized so far. The seized money included Rs 96 crore in old notes and Rs 10 crore mostly in the newly introduced Rs 2,000 notes.

The raided premises belong to industrialist Shekhar Reddy who is a contractor for Tamil Nadu state public works department (PWD), his associate Srinivasa Reddy and their agents, including Prem Kumar.

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