I-T officials seize Rs 4.7 crore in new currency notes in Bengaluru

When the whole nation is standing in queues and facing problems related to cash cruch. The income tax (I-T) department confiscated more than Rs 4.7 crore during searches in a dozen premises in Bengaluru and other locations.

According to the officials, searches were started on the premises of two engineers, working with the state government, and some "connected persons".

The operation started early morning and a team of over 50 I-T officials searched premises in Bengaluru, Chennai and Erode (Tamil Nadu).

"During the course of searches Rs 4.7 crore cash in new denominations of Rs 2000 and 0.3 crore in old/smaller denominations totaling Rs 5 crore and 7 kg bullion worth approximately Rs 2 crore were found in a flat owned by a civil contractor. The new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission of an engineer and a contractor," the Central Board of Direct Taxes (CBDT), the policy-making body of the tax department, said in a statement here.

The officials also seized some notes of Rs 100, demonetised notes of Rs 500 and a few gold biscuits during the operation, it said, adding the department had to call in note counting machines and additional staff to ascertain the value of the cash.

Several Identity cards of various individuals were also found at the scene.

The most shocking fact is that the whole country is lining to get the new currency but these people had a sheer amount of new currency stashed.

"This is the highest seizure of the new currency in the country post the currency ban on November 8. Some entry operators and bankers in Karnataka and Tamil Nadu are under the scanner. Such volume of new currency cannot be obtained without connivance of bank officials," a senior I-T department official told PTI.

(image: indiaTimes)