I-T dept seizes Rs 10.50 cr assets from 'chaiwala' turned financier

The officials said that expected seizure of assets may increase

The Income Tax department has seized alleged unaccounted assets worth Rs 10.50 crore from a tea seller-turned-financier after raids were conducted against him here as part of the anti-black money crackdown post currency scrap.

The I-T department sleuths, who conducted the searches on Saturday at the premises of the tea seller, recovered cash of Rs 1.45 crore, with new currency being at 1.05 crore, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.

"The total value of the assets seized from the financier, who earlier worked as a 'chaiwala' is Rs 10.50 crore," I-T sources said as they refused to reveal the identity of the person citing the ongoing probe.

They added that while 13 of his bank lockers have been opened till now, four more are in the process to be opened and the expected seizure of assets may increase.

The sources added that the interception was made in the city as part of taxman's anti-black money probe post demonetisation.