Rs 10 crore seized from bizman at Sowcarpet

Rs 10 crore seized from bizman at Sowcarpet

In yet another mega seizure, Income Tax officials today seized Rs 10 crore demonetised notes from the house of a businessman at Sowcarpet in Chennai.

According to reports, the businessman has been identified as Irani. Further investigations are on.

Only recently,  the investigation wing has seized Rs 106 crore in old and new currencies and 127 kg of gold bars during raids in Chennai and Vellore.

Officers said a contractor, S Reddy, working with the Tamil Nadu government, has claimed the entire money and the gold as his own and is being questioned.

“About 127kg gold in 1kg bars and Rs96 crore in old currency and Rs10 crore in Rs 2,000 notes have been seized by the sleuths after the operation. This is an unprecedented amount that the tax department has seized in recent times,” said a senior income tax official.

The raided premises belong to industrialist Shekhar Reddy+ , his associate Srinivasa Reddy and their agents, including a person called Prem Kumar.

Some bank officials are also under the scanner of the taxman. The tax department had made the largest seizure of Rs 5.7 crore cash in new notes in Bengaluru few days back after which two other central probe agencies, the CBI and the Enforcement Directorate, had taken over the cases to probe instances of corruption, money laundering and large-scale hawala transactions in the wake of the currency scrap on 8 November.