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Published On: Thu, Dec 8th, 2016

90 Crore Cash, 100 Kg Gold Found In I T Raids In Chennai

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chennai-raids_650x400_41481195889CHENNAI: The officials of the Income Tax department raided the homes of PWD contractors who are part of the sand mafia in Chennai and recovered gold and Rs. 90 crore in cash. Raids have been conducted at eight places in the city, sources said. Many of them are residential flats that were being used as hideouts.

Of the cash found, Rs. 8 crore were in new notes, Rs. 65 crore in the banned old notes of Rs. 500 and Rs. 1,000, sources said. Rs. 10 crore in old and new currency is being sorted. The gold, valued at nearly Rs. 28 crore, is in bars of 1 kg.gold_650x400_61480591596

The Income Tax Department has been conducting regular raids since the government scrapped high denomination notes of Rs. 500 and Rs. 1,000. The Income Tax department has been investigating 400 cases involving undisclosed wealth since November 8.

Till December 6, cash and jewellery worth Rs. 130 crore had been seized and Rs. 2,000 crore of undisclosed wealth admitted by taxpayers, the department said.Since the ban on November 8, the department said it conducted “swift investigations” in more than 400 cases. More than 30 cases were referred to the Enforcement Directorate and the Central Bureau of Investigation for further investigation.

To flush out black money and stop terror funding through forged notes, Prime Minister Narendra Modi had announced on November 8 that Rs. 500 and 1000 notes will be scrapped. People were asked to deposit old notes in banks by December 30.

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