 "ED seizes Rs 7.3 cr, 5.5 kg gold in searches: Govt")
The Enforcement Directorate (ED) seized Rs 7.30 crore in cash and 5.5 kg gold during search operations after demonetisation, the government said on Tuesday.
During the course, it arrested 18 people and identified 17 others indulged in alleged money laundering activities following the scrapping of Rs 500 and Rs 1,000 notes on November 8 last year, Finance Minister Arun Jaitley said in a written reply to the Rajya Sabha.
"Post demonetisation..., the Enforcement Directorate has conducted searches under Foreign Exchange Management Act, 1999 (FEMA) and Prevention of Money Laundering Act, 2002 (PMLA). ED has arrested 18 persons and identified 17 others. As a result of these searches, total amount of Rs 7.30 crore and gold weighing 5.538 kg have been seized," he said.
The minister said that on the basis of intelligence/ identification of various malpractices, the Income Tax department conducted enforcement action (searches, seizures and surveys) in more than 1,100 cases during the period November 9, 2016 to January 19, 2017.
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