I-T raid at eight locations in Chennai; Rs 90 cr, 100 kgs gold seized

Rs 80 cr has been seized in the form of demonetised currencies and Rs 10 cr were in new currencies of Rs 2,000 notes

The Income Tax Department on Thursday raided premises belonging to three businessmen in Chennai 's T Nagar area and seized Rs 90 crore and 100 kgs gold.
 

According to reports, the I-T Department officials questioned businessmen Shekar Reddy, Srinivasa Reddy and Prem, who were allegedly involved in a money exchange racket. The seized currency includes newly introduced Rs 2,000 crore denomination notes.

Sources in the department said that the raid started on Thursday morning. The raid continued till late evening and Rs 90 crore in cash and 100 kgs of gold was seized. 

The official added that the department is suspecting and investigating the possibilty of currency conversion operations across the city. However, they did not divulge more details on the raid.

Shekar Reddy, who is also a Board member of Tirumala Tirupathi Devasthaman (TTD), which manages the famous Tirumala Balaji Temple had visited Apollo Hospitals when late J Jayalalithaa was admitted, said reports.

The raids were conducted across eight places in Chennai and Vellore, around 120 kms from Chennai. The department seized Rs 6 crore in newly introduced Rs 2,000 denomination notes from the house of Shekhar Reddy in T Nagar, the reports added.

Of the total seizure, Rs 80 crore was in the form of demonetised currencies and Rs 10 crore were in Rs 2,000 denomination notes. The 100 kg gold bars are worth Rs 30 crore.