I-T sleuths seize Rs 10 crore, 6kg of gold from Chennai jewellery merchant

In yet another crackdown on unaccounted cash and wealth, officials of the Income Tax Department seized cash worth Rs 10 crore and six kg of gold jewellery in Chennai’s Periamet on Monday.

According to PTI, all of the cash seized was in discontinued Rs 1000 and Rs 500 currency notes.

Officials said that searches were conducted on the property of a local trader in imitation jewellery based on a tip-off the department received.

I-T sleuths said the trader will be questioned as part of the further investigation.

Taxmen said the interception was made as part of the crackdowns on black money post demonetisation of old high-value currencies on November 8.

The largest such seizure took place earlier in the month, on December 11, when I-T officials made seized Rs 130 crore of cash and 177kg of gold in raids on three businessmen in Vellore District.

Of the Rs 130 crore, Rs 34 crore was in newly introduced Rs 2000 and Rs 500 news while the rest was in discontinued notes.

One of the three businessmen linked to the cash was a contractor for the government, and was even said to have been linked to Tamil Nadu CM O Panneerselvam.