Bengaluru, December 2: An Income Tax raid on residences of two Karnataka government engineers ceased Rs 4.7 crore in cash in new denominations of Rs 2,000.
The sleuths also seized some notes of Rs 100, demonetised notes of Rs 500 and a few gold biscuits during the operation.
“Some entry operators and bankers in Karnataka and Tamil Nadu are under the scanner. Such volume of new currency cannot be obtained without a connivance of bank officials,” a senior I-T department official said.
A number of identity cards of various individuals have also been found by the department from the searched premises which could have been used to illegally change the old currency with new ones.