I-T busts money exchange scam; seizes Rs 90 crore cash, 100 kg gold


Chennai, December 8: In a yet another Income Tax department sleuth for black money, IT officials on Thursday raided several jewellery shops in Chennai and recovered cash worth Rs 90 crore and gold worth Rs 30 crore.

Of the total seized unaccounted income, the IT has found 100 Kg of Gold, Rs 80 crore in the demonetised currencies and as much as Rs 10 crore in new currency notes of Rs 2000 notes.

Read More: Rs 1.5 crore in new Rs 2,000 notes seized in Goa

Read More: Expelled BJP Leader held with Rs. 33 Lakh in new currency notes

Read More: Rs 4 crore seized in new currency notes from Bengaluru

Read More: Unaccounted cash of Rs 58 lakh in new currency seized, 8 arrested

“One Srinivasa Reddy, his associate Shekar Reddy and their agent Prem are among the suspects. I-T officials seized 70 kg of gold from a room in a hotel in the city. The culprits are suspected to be agents of some bigwigs,” said a senior I-T official seeking anonymity.

“On November 11, we raided 11 jewellers in the broadway area after the occupants were found converting the unaccounted money, all in demonetised currencies of Rs 500 and Rs 1000,” said the official.

Meanwhile CBI has registered three separate cases relating to alleged exchange of new currency and arrested the four accused.

Wefornews Bureau

Related Posts