Note ban: I-T raids multiple locations; seizes Rs 90 crore in cash, 100 kg gold

New Delhi: The Income Tax department on Thursday hit a jackpot seizing 100 kg of gold and Rs 90 crore in cash including demonetised currencies during its raid against jewellers in Chennai.

According to media reports, the tax sleuths raided several Chennai-based jewellers and in the process recovered huge sum of black money in the form of Rs 90 crore and 100 kg of gold.

Officials said the department has called in for additional staff, auditors, counting machines and banking personnel to ascertain the final figures of the recovered assets and formalise the seizure process under tax laws.

They said the I-T teams launched operations on at least eight locations of a "syndicate" involved in currency conversion and recovered eized Rs 90 crore cash and 100 kg gold.

After monitoring for months select persons suspected to be evading tax through shadowy transactions and based on a specific tip-off, the searches began today, a senior tax official said.

"The searches are continuing. So far Rs 90 crore cash has been seized, which is a mix of demonetised and new currencies. Also, 100 kg gold worth crores of rupees has been seized," the official who did not wish to be named told PTI.

Of the 100 kg gold recovered, 70 kg was in form of gold bars which were seized from a hotel room, he said.

He said the three persons suspected to have been involved in transactions related to tax evasion are being questioned. Other material of evidentiary value, including documents were being scrutinised.

Asked about the source of the money and whether any hawala or similar banned transactions were involved, he said these were "shadowy transfers".

More information, leading to conclusive inference, would be known in the course of investigation, he said.

With PTI Inputs