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Income tax Raids in Chennai : Seized Rs. 106 Crores, 127 Kg Gold and still Counting

Chennai I-T Raids: The income tax department has seized Rs 106 crore in cash including Rs. 10 crores in new Rs. 2000 currency and gold bars of 127 kg in multiple raids conducted in the city.  After the ban on big notes last month, this is the biggest seizure of new currency so far.

The IT department has raided 8 locations in Chennai on Thursday using the clues they have received.  Official said, a contractor working with the state government, S Reddy has said the entire money and gold was his own and is now under investigation.’

IT Department Raids at Multiple Locations in Chennai : Seized Rs. 106 Crores Currency & 127 kg Gold

I-T Raids in Chennai : Seized Rs. 106 Crores, 127 Kg Gold at Multiple Locations

The IT department official said ‘127 KG gold in 1 kg bars and Rs. 96 crores in old currency and Rs 10 crores in new Rs. 2000 notes currency were seized in the multiple raids.

One of the IT department officials said ‘this is an unprecedented amount that the tax department has seized in recent times.’  The raids started with a clue that was given by intelligence about the activities of Reddy and few others for the past few days.

Officials said that they were investigating how the new notes come in such gigantic amounts to them.  The new Rs. 2000 bundles have no banking slips on them.  Few bank officials are said to be involved in this racket as per the I-T officials.

I-T department seized huge cash and gold in Chennai & other  places

One of the IT officials said ‘the premises where the raids were carried out belong to industrialist Shekhar Reddy, his associate Srinivasa Reddy and their agents including one Prem.’

The officials have seized Rs 6 crore all in new notes from Sekhar Reddy house in T Nagar.  Officials also raided a room in a popular star hotel in Teynampet where they seized about 70 kg gold bars.  The room was booked under the name of an agent of Reddy.

Other than the raids, IT officials also made inquiries at few jewellery shops in the city.  Shekhar Reddy has connections with many big shots and is mainly known for doing sand quarrying in the state from years.

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