I-T Dept seizes around Rs 4 crore unaccounted cash in Karnataka, Goa

The Income Tax (I-T) Department on Saturday seized unaccounted cash over Rs 4 crore during various searches carried across the state and in Goa as well.

"On the receipt of a credible input about the cash being transported from Bangalore to Shimoga and Bhadravati, a cash handler was intercepted. Upon searching, Rs 2.3 crore cash was recovered from the spare tyre of his vehicle in the denomination of Rs 2,000 notes," I-T officials said.

I-T sleuths also seized Rs 1 crore from a bank employee after a raid was conducted on his house in Bagalkot.

"On the basis of local intelligence, the house of a bank employee in Bagalkot was searched and Rs 1 crore has been recovered so far. Inputs suggest that the person was accumulating cash for distribution during the election," they said.

In Goa, searches are underway at the premises of two brothers who run a jewelry business in the state. "Two residential premises are being searched, while two business premises are under survey," the officials said.

"Information was received that they mainly carry out business deals in cash and the cash so generated is potentially used for providing accommodation entries against cheque issued by the parties who need cash. Cash in excess of Rs 30 lakh is being seized from this premise," the Income Tax Department said.

Cash in excess of Rs 10 lakh was also seized at Vijayapura, while the follow-up searches are underway in Bhadravati where a seizure of Rs 60 lakh is expected, said I-T officials.