Rs 106 Crore In Cash And 127 KG Of Gold Recovered In Income Tax Department Raids; These Are The Main Suspects

The searches in eight different places in Chennai and Vellore by nearly 100 sleuths of Income Tax Department led to the recovery of Rs 106 crore in cash, including Rs 10 crore in new currency notes, and gold bars weighing 127 kgs.


The raids were conducted on a tip-off to check the tax evasion after the Narendra Modi government scrapped Rs 500 and Rs 1000 notes a month back.


The Rs 10 crore amount in new Rs 2000 currency note is largest seizure since the note was issued last month.


The searches were conducted at eight premises (six residential and two offices) of a group that has sand mining licence for the entire state of Tamil Nadu.


At the centre of the case is industrialist Shekhar Reddy, his associate Srinivas Reddy, their agents and a man who is identified as Prem Kumar.


The I-T Department said that the searches at four out of total eight places raided are still on and more details including the modus operandi would be clear after examination of documents and evidence recovered during the searches.
Daily Bhaskar

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