Income Tax raids Chennai jewellers, seizes 90 Crore cash and 100 Kg gold

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Income TaxIncome Tax department raided jewellers of eight different location of Chennai including Anna Nagar and T Nagar. The raid was conducted in order to recover black money specially, unaccounted or devalued money.

According to some sources, after demonetization people were adopting illegal means to exchange demonetized and unaccounted cash. As known, demonetization was a way to struggle black money, but again some people took out new means to exchange their black money. The real struggle started here, now government had to made regular checks upon people who were indulged in money exchange racket.

As reported by IT wing, Rs. 90 Crore cash has been seized in total. Out of which, 80 Crore were in devaluated currency and 10 Crore in new notes of Rs. 2,000. Besides this, 100 Kg of gold worth Rs. 30 Crore has also been seized by the department.

Ever since the ban is on i.e., 8th November, eight Jewellery shops, a city hotel and residences of some jewellery owners have been raided and eight people have been arrested from different places.

A businessman Srinivas Reddy with his associate Sekar Reddy and his agent Prem is in question. As told by officials who raided in a prominent star hotel Teynampet, seized 70 Kg gold bars from a room booked in the name of Reddyโ€™s agent โ€˜Premโ€™. Officials are trying to know how these people managed to exchange currency in such a huge amount, as there is restriction on money withdrawal. Seemingly, some bank officials are also involved in this racket.

The Income Tax office has been conducting regular raids since the government expels old currency of Rs. 500 and Rs. 1000. Till December 6, cash and jewellery worth Rs. 130 Crore had been seized and the counting is still on.

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