I-T seizes Rs 10 cr cash, 6 kg gold jewellery in Chennai

IT Dept

Chennai, 20: The Income Tax department has seized Rs 10 crore cash and 6 kg gold jewellery while conducting raid across the city to dig out the black money.

According to the officials, all the money is in demonetised notes of Rs 1,000 and Rs 500. The seizure was made after searches were conducted against a trader dealing in imitation jewellery at Periamet area of the city.

Read more at: IT seizes Rs 2.67 cr from Meerut’s engineer

Reportedly the officials conducted raid following a tip off about stashing of huge currency in scrapped high value notes. Meanwhile questioning is on with the trader regarding the seizure.

The IT officials are continued to scan and monitor all the transaction in the country post demonetisation of the old currencies on November 8.

In another major seizure, the Directorate of Revenue Intelligence (DRI) apprehended an exporter on Monday and seized over 40 kg of gold which allegedly meant to exchange old notes of Rs 500 and Rs 1000. The gold worth over Rs 12 crore was recovered from different places in Delhi.
The exporter operated out of the Noida Special Economic Zone (NSEZ), from where he is alleged to have diverted gold which was to be export into the domestic market. 
The NSEZ unit imported gold from Dubai for jewellery making and re-exporting it to the United Arab Emirates.
Imported gold worth over Rs 150 crore allege have been diverted to the local market, allegedly benefitting people engaged in the illegal exchange of the old  notes with gold bars post demonetisation. DRI officials have seized fake `export’ consignments of gold, the precious metal replaced with copper, from the exporter.
“In multiple searches conducted by DRI officials on the business and residential premises of the mastermind, 40 kg gold… has been seized and the mastermind of the fraud… has been arrested and remanded in judicial custody,” a senior DRI officer said.

 Wefornews Bureau

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