BENGALURU: The Income Tax Department seized Rs 5.75 crore in cash from a businessman in Mysuru on Wednesday. Based on credible intelligence that an immovable property situated in Mysuru, was being sold for a huge consideration, partly to be received in cash, I-T officials mounted surveillance on the buyer and seller, official sources told TNIE.
“I-T officials intercepted the buyer, Sundeep, who is a partner of a leading silk showroom-Mannar Silks-while he was about to deliver cash at the residence of the seller-Dharmaraj Cherry & Sons. Searches subsequently conducted resulted in unearthing Rs 5.75 crore of unaccounted cash.
The property was to be sold for Rs 13.75 crore, of which Rs 8 crore has been paid through banking channels and the balance Rs 5.75 crore in cash, which is unaccounted for the purpose of income tax.” The buyer is in the business of retail trade of textiles and silks.