I-T dept recovers Rs 8 crore, 3 kg gold in raids on MP businessmen

The Income-Tax department has recovered Rs 8 crore in cash and three kilogram gold besides incriminating documents in raids on the premises of businessman Shankar Rai and his brothers in MP

The Income-Tax department has recovered Rs 8 crore in cash and three kilogram gold besides incriminating documents in raids on the premises of businessman Shankar Rai and his brothers in Madhya Pradesh's Damoh district, an official said on Friday.

The raids, which began on early Thursday, were still continuing, Income Tax (Investigations) Jabalpur circle joint commissioner Munmun Sharma told PTI. During searches so far, Rs 8 crore in cash has been recovered. Of this, Rs 1 crore was found hidden in a water container, the official said. Besides, gold weighing three kilogram has been recovered, she said. The official said I-T sleuths have found incriminating documents related to the wealth amassed by the Rai brothers. The papers found during the searches suggest the Rais had bagged contracts of liquor shops and were running luxury buses in the names of their staffers, she added. Sharma said the I-T department has announced a cash reward of Rs 10,000 for anyone who provides information to them regarding the wealth of Shankar Rai and his brothers. Nearly 200 personnel, including I-T department staffers and policemen from Indore, Bhopal, Jabalpur and Gwalior, were carrying out searches at various premises of the businessman and his brothers Kamal Rai, Raju Rai and Sanjay Rai, officials have said.

The Rai family is into liquor and transport business and also runs petrol stations in Damoh, according to sources.