I-T department seizes Rs 106.52 cr and 127 kg gold from Chennai-based businessmen

The businessmen have sand mining licence for the entire state of Tamil Nadu

Income Tax department on Friday said that it has seized Rs 106.52 crore cash and 127 kg Gold in the case of Sand mining Contractors at Chennai.

Last two days, the Department has been raiding premises belongs to industrialist Shekhar Reddy and his associate Srinivasa Reddy.

The Investigation Directorate of Income Tax Department at Chennai conducted searches on December 2016 in Eight premises (six residential & two offices). The group has sand mining licence for the entire state of Tamil Nadu.

During the search, Rs 96.89 crore cash in old high Denomination notes and Rs 9.63 crore in new Rs 2,000 currency notes along with gold weighing 127 kgs worth around Rs 36.29 crore were found and seized, as unaccounted assets.

 

The search is still in progress at 4 out of total 8 premises.

More specific details including modus-operandi would emerge after examination of the documents and other evidence collected during the search, said (Meenakshi J.Goswami) Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT.