New notes worth over Rs4 crore seized in income tax raids in Bengaluru
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New Delhi: In one of the biggest seizures of new currency, the Income Tax (I-T) department on Thursday confiscated over Rs4 crore in searches against at least two individuals in Bengaluru. Officials said the searches were launched on the premises of an engineer and a contractor.
The sleuths of the department seized over Rs4 crore in new currency, mostly in denomination of Rs2000, some notes of Rs100, demonetised notes of Rs500 and a few gold biscuits, they said “Huge stacks of Rs2000 notes have been recovered. The cash amounts to over Rs4 crore. The counting of the seized currency is still on.
“This is one the highest seizures of the new currency. Some entry operators and bankers are under the scanner,” a senior I-T department official said. They said the department has also found a number of identity cards of various individuals from the searched premises which could have been used to illegally change the old currency with new ones.