TN polls: 2 grilled by IT sleuths for withdrawing Rs 20 cr in a day

Last Updated: Tuesday, April 12, 2011 - 12:36

Chennai: As part of surveillance to monitor
large withdrawal of cash from banks ahead of the April 13
assembly polls in Tamil Nadu, Income Tax officials are
questioning two persons who worked as conduits for traders and
withdrew Rs 20 crore from a bank on a single day in March.
A department press release said an IT team is questioning
two cheque clearing agents who worked as "conduits" for
traders in receiving Rs 20 crore from a private bank in Erode
district.

"The large cash withdrawals made from a private bank in
Erode, amounting to more than Rs 20 crore on a single day in
March 2011 were investigated. In this connection the team
conducted a survey on a cheque clearing agent and two
receivers of the cash from the agent," the release said.

Traders who receive payments by crossed cheques endorse
such cheques to third parties and they in turn endorse the
cheque clearing agents and receive cash, it said.

Investigation had so far revealed existence of
unaccounted trade transactions using cheque clearing agents as
conduits.
In the second incident, IT officials identified a builder
who had not maintained any records for his construction
business. Incriminating evidence was found for huge receipts,
resulting in admission of unaccounted income of Rs 1.25 crore
and a tax of Rs three lakh was collected from him, it said.

The officials also seized Rs 30 lakh from a pawn broker`s
family toward tax payment for having earned more than what
they had admitted in their returns of income.

PTI



First Published: Tuesday, April 12, 2011 - 12:36

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