Income Tax officials seized Rs 90 crore worth of cash and 100 kg of gold bars on Thursday.

Chennai I-T raids Tirumala Tirupati Board member among those under scanner
news IT Raids Friday, December 09, 2016 - 08:35

After cash worth Rs 130 crore was seized in multiple raids in Chennai on Thursday, it has emerged that one of the businessmen under the scanner belongs to the Tirumala Tirupati Devasthanam Trust Board (TTDB).

Shekhar Reddy, one of the businessmen who is being interrogated by the I-T department, is a member of TTDB. His associate Srinivasa Reddy and their agent Prem, are also being quizzed in connection with the seizure.

“Sekhar and Srinivasa are into the business of sand quarrying and construction. Prem was their agent,” said an Income Tax official from the investigations department, according to a report in The Hindu.  

Income Tax officials seized Rs 90 crore worth of cash and 100 kg of gold bars on Thursday.

Out of the Rs 90 crore that was seized by the I-T sleuths, Rs 80 crore was n discontinued old Rs 500 and Rs 1000 currency notes, while Rs 10 crore was recently introduced Rs 2000 notes.

The raids took places in eight locations including Anna Nagar and T. Nagar.

The I-T department added that since demonetisation, it has carried out “swift investigations” in more than 400 cases. Out of the 400 cases, more than 30 were transferred to the Enforcement Directorate.

The I-T sleuths are also probing whether any bank officials are involved in the scam, The Hindu report adds.  

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