Coalgate: I-T seizes Rs 25 cr found at Hindalco office

Income Tax department today seized Rs 25 crore that was recovered by CBI here during searches at the office of Hindalco Industries, even as the probe agency claimed to have recovered more cash from the company in connection with its investigation in the coal scam.
"The cash has been seized under Income Tax laws and further proceedings to check the source of the money are on," an official said.
Later, a spokesperson of the Aditya Birla group said they were cooperating with the probe agencies.
"The company is taken aback by the discovery of cash at one of its offices by the investigating agency. It has taken a very serious view of the matter and has instituted an internal team of senior managers to make a thorough investigation and report its findings at the earliest.

"In the meantime, the company has reiterated to the Government agencies of their continued cooperation," a statement from the group said.
Meanwhile, CBI today claimed to have made a fresh recovery from the group which included retail invoice of gold coins totalling to Rs 94 lakh, investments in various schemes to the tune of Rs 17 lakh besides Rs 24 lakh 'petty cash'.

The agency was likely to hand over these fresh documents to the Income Tax department, sources said.
I-T department will now ask the company to produce documents and validate the source of the recovered cash of Rs 25 crore, sources said.

The CBI, during its searches conducted yesterday, at the fourth floor office of the UCO Bank building of the firm here at Parliament Street, had found unaccounted Rs 25 crore in cash and incriminating documents.
The agency had then sounded the I-T department.