Surat: The Income Tax department on Saturday conducted raids at the premises of a tea seller-turned-financier and seized alleged unaccounted assets worth Rs 400 crore, including cash, bullion, jewellery, and property papers.
The raids were conducted against Kishore Bhajiyawala as part of the crackdown on black money post demonetisation announcement.
The I-T department sleuths found that Kishore Bhajiyawala has 33 accounts in different banks. Cash of Rs 1.45 crore, with new currency being at 1.05 crore, 13 kg gold and 180 kg silver were recovered from the bank lockers.
According to Ahmedabad Mirror, Kishore and his sons - Jignesh and Vilas - have revealed the names of 13 Surat builders with whom they had financial transactions.
Bhajiyawala came under the I-T radar after he deposited Rs 1.5 crore in his bank account after Prime Minister Narendra Modi announced the scrapping of Rs 5000 and Rs 1,000 notes on November 08.
The Ahmedabad Mirror further quoted sources as saying that Bhajiyawala constructed the Jalaram temple in Udhna and started a trust. He used the funds to convert black money to white in the garb of social welfare.