ED raids owner of Chandigarh college, seizes Rs 47 lakh in new Rs 2,000 notes

The Enforcement Directorate has seized Rs 50 lakh cash, including Rs 46.80 lakh in new notes, after raids at the premises of an educational institute's owner, its third such operation in the city.

Acting on a tip-off, the ED sleuths swooped down on the premises of the owner of Swami Devi Dyal Group of Institutes here last night, ED officials said.

The seizure included Rs 46.80 lakh in Rs 2,000 denomination notes, they said.

The owner claimed that the money which was seized was part of fee received from students, officials said, adding that they are verifying the claim.

Meanwhile, the ED has referred the case pertaining to the recovery of cash from a tailor to the Income Tax department for further investigation.

In its first operation in Chandigarh, the ED had seized Rs 2.19 crore, including Rs 17.74 lakh in 2,000 rupee notes, from the house of cloth merchant on December 14.

In the second operation on December 16, the sleuths recovered about Rs 30 lakh cash including Rs 18 lakh in new currency along with 2.5 kg gold from the premises of a tailor.