Cash seized in the raid legal, says I-T

The income tax department has valued the cash seized in the raid at Mumbai Central station on Monday night at Rs 10 crore. While 40 per cent of the gems and jewellery that was seized has been valued and the remaining will be valued over the next two or three days.

Sources said no fake currencies were found by the I-T department. Banks employees were called in to count the money.

“People have come to claim their money and jewellery. No one is detained in this case. The National Investigation Agency (NIA) is no more involved in the process,'' said Swatantra Kumar, director-general of Income Tax.

The money that was seized in this raid is now being scrutinised and returned to the Angadias as they have complied with tax regulations and it was found official.

Four trucks with 102 bags of cash and jewellery was caught on Monday night outside the Mumbai Central station. Out of which, 50 bags carried only cash while the remaining carried cash as well as gems and jewellery.

This raid was conducted jointly by the NIA and I-T department.

Earlier, a senior NIA officials said they had received specific information that hawala money was being transported in bags from Mumbai Central station to Surat, Ahmedabad and Vadodara.

Swatantra Kumar had said on Tuesday, “Whatever is accounted for will be returned. Chances of cash being accounted for are less. If it was accounted for, it would not have taken this route. Some packets have addresses and names. Angadias have come to claim the bags.”