IT Dept seizes Rs 4 Cr in Rs 2000 notes
Source: The Sangai Express
New Delhi, December 01 2016:
Officials from the Income Tax Department's Karnataka and Goa region operations seized Rs six crore, including Rs 4.7 crore in new Rs 2000 denomination, along with huge bullion and jewellery from four persons � two Government engineers and two contractors � following searches conducted on Wednesday and Thursday.
In the search operations, apart from the cash in excess of Rs six crore, gold bullion weighing seven kg approximately and jewellery in excess of seven kg were also found, the IT Department said.
Out of the total cash of Rs six crore found as much as Rs 4.7 crore is in new currency of Rs 2000 notes.
The IT Department has also seized several property documents and high end luxury cars including a Lamborghini, IT officials said.
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"Huge stacks of Rs 2000 notes have been recovered.
The cash amounts to over Rs four crore.
The counting of the seized currency is still on.
This is one the highest seizures of the new currency.
Some entry operators and bankers are under the scanner," a senior I-T Department official told news agency PTI.
Identity cards belonging to several individuals were also found during the searches.
I-T Department suggested that these cards might have been used to exchange old currency notes at banks.
On Wednesday, the Enforcement Directorate raided several hawala operators across the country and seized Rs 1 crore in foreign exchange.
The seized notes were Rs 50 lakh in old currency and Rs 20 lakh in new currency.
The ED conducted searches at multiple locations in Delhi, Kolkata, Hyderabad, Bengaluru, Ahmedabad, Chennai, Mumbai among others.
In Chennai, Tamil Nadu police seized Rs 20.55 lakh worth new currency notes from a BJP youth leader on Saturday.
Arun, 26, is BJP's youth wing secretary from Salem.
He was actively campaigning for Prime Minister Narendra Modi's demonetisation drive on social media.
Tamil Nadu police, in a joint operation with I-T department, also busted a currency exchange racket and seized Rs 1.3 crore in Rs 2000 notes.