IT sleuths found Rs 80 crore in discontinued old Rs 500 and Rs 1000 notes.

IT officials seize Rs 90 crore and 100kg of gold bar in Chennai Representational Image/PTI
news IT raids Thursday, December 08, 2016 - 18:38

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

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

One Srinivasa Reddy, his associate Shekhar Reddy and their agent Prem are being interrogated by I-T officials in connection with the seizure. 

The officials seized 70 kg gold from a room in a prominent hotel in the city. The trio are suspected to be agents.                        

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

Taxmen said that cash worth Rs 130 crore was seized and Rs 2000 crore worth of undisclosed wealth was admitted till Tuesday.

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.