Bengaluru: IT dept seizes Rs 4 crore cash in new notes
Officials said the searches were launched on the premises of an engineer and a contractor.
Bengaluru: In one of the biggest seizures of new currency, the Income Tax department on Thursday confiscated over Rs 4 crore in searches against at least two individuals in Bengaluru.
Officials said the searches were launched on the premises of an engineer and a contractor.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits, the officials said.
"Huge stacks of Rs 2000 notes have been recovered. The cash amounts to over Rs 4 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 said.
In addition to the cash, the department had also found five kilograms of jewellery and also a Lamborghini car.
They said the department has also found a number of identity cards of various individuals from the searched premises which could have been used to illegally change the old currency with new ones.