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Black money crackdown: Illegal vault leads taxmen to Rs 610 million

The private lockers or vaults, that operate like normal bank lockers, are illegal and not recognised under the law

Press Trust of India  |  New Delhi 

I-T, income tax, raid, scanner, investigation, money laundering,
Illustration: Ajay Mohanty

The (I-T) department on Thursday seized gold jewellery, and valued at more than Rs 200 million as part of its anti-drive against illegal private vaults operating in the national capital. With the latest seizure, the total value of these alleged tainted funds has risen to over Rs 610 million.

Last week, the department seized unaccounted and worth Rs 410 million from multiple lockers located in a private vault in the South Extension area of

to the operation said income-sleuths had recovered Rs 160 million in cash, worth Rs 23.5 million and jewellery worth Rs 10 million, and a few other gold items totalling Rs 200 million after they opened another private vault in the facility over the past two days. The assets allegedly belong to a builder and a based in the national capital. A total of four such vaults, belonging to individuals and entities, had been opened till now, they said.

They said the department initiated proceedings for evasion and under the against the holders.

“The case pertains to cases of detected post demonetisation and some others being probed under the new The lockers are now being opened and unaccounted assets seized,” a said.

The assessees did not allegedly declare these assets to the taxman and concealed them in these vaults. The private lockers or vaults, that operate like normal bank lockers, are illegal and not recognised under the law.

First Published: Fri, January 12 2018. 02:08 IST
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