IT, NIA 'mega-seizure' worth only Rs.10 crore

In an anti-climax, the Income Tax department Wednesday claimed that it had recovered only Rs.10 crore (Rs.100 million) in its much-hyped seizure from a consignment of personal couriers late Monday night.

IT Director General (Investigations) Swatantra Kumar told media persons that the seized currency totalled only Rs.10 crore.

"There was no fake currency in the packets. The cash found is Rs.10 crore," Kumar said.

He added valuation of the seized gold jewellery and diamonds is still on. "Around 40 percent of the goods have been valued and the remaining is expected to be completed within a couple of days," Kumar added.

He said the items seized were stocks of jewellers, which would be returned to the owners after verification.

Late Monday night, following a tip-off from the National Investigation Agency (NIA), the IT department searched four mini-trucks carrying 150 bags of a consignment of 'angadia' (personal couriers) bound for Gujarat by the Gujarat Mail train from Mumbai Central terminus.

IT officials claimed Tuesday that the consignment was believed to be worth up to Rs.200 crore, besides the value of the gold jewellery and diamonds seized.

The IT and NIA also detained and questioned 47 people, including 'angadias', their agents and associates on details on the purportedly high-value consignment.

The officials also did not rule out terrorism links, election funding and Hawala transactions pertaining to the booty.