Income Tax’s investigation wing officials on Thursday raided several Chennai-based jewellers as well as others to recover black money in the form of both cash and gold. So far a total of Rs 90 crore has been seized in the form of cash, and of this, Rs 80 crore has been seized in the form of demonetised currencies and Rs 10 crore were in new currencies of Rs 2,000 notes.
Officials reportedly seized 100kg of gold worth which is said to be worth Rs 30 crore. The search started in the morning at eight jewellery shops in T Nagar as well as in a hotel in the city besides homes of jewellery shop owners in Anna Nagar. “One Srinivasa Reddy and his associate Shekar Reddy and their agent Prem are among the suspects. IT officials seized 70 kg of gold from a room in a hotel in the city. The culprits are suspected to be agents of some bigwigs,” said a senior IT official seeking anonymity.
This is a big development as Income Tax, Enforcement directorate and other agencies are conducting raids all over India. The raids are aimed at traders, jewellers, property dealers and banks which are helping the ‘big fish’ in illegally converting the demonetised currency notes to white money. In last few days, many bank managers and officials have been apprehended or arrested all over the country on charges of converting black money to white. The raids on jewellers, traders, doctors, bureaucrats and property dealers are based on intelligence inputs received by IT officers. A few days back, 2 senior engineers in Bangalore were arrested with about 6 crore in cash (new currency notes). After investigation was completed, they were found to be in possession of properties worth about Rs 200 crore.