Delhi IT Dept raids U& I Vaults, seizes Rs 21 Cr

The investigation wing of the Delhi Directorate of Income Tax on Friday raided premises of U& I Vaults Limited, and seized items worth Rs 21.2 crore.

The seized value includes Rs 8 crore worth of cash, along with jewellery and bullion worth the remaining amount, sources from the IT department confirmed.

So far, the total seizure from this vault is Rs 85.2 crore.

Earlier on January 11, the investigation wing of the IT department had sealed the locker of Gutkha manufacturer and seized Rs 20 crore from U & I Vaults, which included Rs 10.5 crore worth cash and remaining bullion and jewellery.

This is the third time in a span of 13 days that raids are being conducted in the U&I Vaults office.

On January 5, the Delhi Directorate of Income Tax had sealed specified lockers in a private vault in U & I Vaults in South Ex here.

For the unversed, the company is a subsidiary of the U & I Group, established in 1947, and is the largest Safe Deposit Vault in New Delhi, utilised by several large corporates and banks.

Meanwhile, the Delhi Directorate also seized bullion and cash worth Rs. 26 crore from Gurugram-based Jai Bharat Maruti (JBM) Group, which was raided in October as well.