I-T sleuths raid financier’s house, seize Rs 3 cr,  gold

Jewellery shops accepting demonetised notes in lieu of high-priced gold also raided

Published: 19th November 2016 01:52 AM  |   Last Updated: 19th November 2016 03:30 AM   |  A+A-

By Express News Service

BENGALURU: Two days after the Centre launched a drive against black money by demonetising Rs 1000 and Rs 500 currency notes, the Income Tax Department raided a financier’s residence in the city and seized Rs 3 crore in cash, gold and other unaccounted for wealth, all worth Rs 16 crore.

An official with the I-T Department said that late last Wednesday, they got a tip-off on cash and unaccounted for wealth in the financier’s residence. The next morning, when officials raided his residence, they found Rs 3 crore in cash, all in Rs 1000 and 500 denominations.

“Cash, bullion and incriminating documents were seized. The unaccounted income detected in this case so far is Rs 16 crore,’’ a statement issued by the Department said. The official refused to reveal the financier’s name as investigation is in progress.

In the last 10 days, the Income Tax Department has conducted raids at several places in Karnataka and Goa and uncovered illegal transactions of demonetised currency.
The Directorate of Income Tax (Investigation) is keeping a close watch on public places including airports, in coordination with other law enforcement agencies like police, Directorate of Revenue Intelligence, Sales Tax and Central Excise departments.

The I-T department also conducted raids on jewellery shops accepting demonetised notes in lieu of high-priced gold. “Surveys conducted on a leading jeweller at their three branches and corporate office in Bengaluru on November 10, led to detection of a difference of stock of  Rs 11 crore,” the release said.
The Air Intelligence Unit of the Department intercepted a person travelling from Hyderabad last Saturday and found that he was in possession of Rs 13.30 lakh and 200 gm of gold biscuits. Another person coming from Bhubaneshwar was intercepted on Monday.  He was in possession of Rs 50 lakh in Rs 1000 denominations. The cash was seized after the person failed to give explanation.

Raids on cooperative banks
The I-T officials raided cooperative societies in Dakshina Kannada district as they were accepting demonetised notes in lieu of deposits and also converting them at a premium. Allegations were also made that the cooperative banks were willing to take back-dated deposits.
The department carried out verifications on the cooperative societies in and around Mangaluru. It was found that the societies were involved in accepting deposits and investments in cash certificates in demonetised currency notes.

It is found that five societies had exchanged currency notes amounting to Rs 8 crore.
The department is collecting details of the depositors from the banks.

Seizures in Goa too
The Department seized Rs 96.45 lakh in cash along with some gold from a person staying in a hotel in Panaji. The case also led to a search at a residence of a Margao-based doctor where unaccounted cash amounting to Rs 31.79 lakh and jewellery worth Rs 1.60 crore was found and seized. That also led to the uncovering of some more evidence of an amount of Rs 3 crore as his unaccounted income.
During the probe it was found that gold is being charged at a premium by jewellers forconverting the old denomination notes.

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