Hyderabad: IT sleuths recover Rs. 36 lakh from Himayatnagar

The Income Tax officials recovered Rs. 36 lakh, all in Rs. 2,000 denomination, from Himayatnagar, Hyderabad.

Sources said the IT team intercepted certain persons at Telugu Academy, Himayatnagar, at about 9 p.m. on the night of December 16 as they ran into a nearby apartment.

The search of the apartment led to recovery of cash. Sources of the cash are also being probed into.

On a similar note, the IT investigators along with the Hyderabad Police intercepted a speeding Honda Activa at Tank Bund here and found cash worth Rs. 30 lakh in Rs. 2,000 denomination in the early hours of December17.

Sources said further investigation into the same is in progress.

The IT raids took place in the wake of the government's November 8 demonetisation drive. Following the demonetisation move, at least 50 cases of black money hoarding and Rs. 250 crore of unaccounted income have been reportedly detected in Hyderabad.

Of the total cases, 12 each have been referred to the Enforcement Directorate and the Central Bureau of Investigation.

Bank deposits of Rs. one crore and above made post demonetisation are also under the IT scanner.