Nation Crime 09 Dec 2018 Chennai: Rs 55 crore ...

Chennai: Rs 55 crore seized during raids on offices of Balaji group

DECCAN CHRONICLE.
Published Dec 9, 2018, 6:19 am IST
Updated Dec 9, 2018, 6:19 am IST
It was then found that the smugglers were two South Korean nationals who had smuggled the gold on their person. 
Illegal currency and documents were seized during raids by income tax officials on various offices of the Balaji Group in Chennai on Saturday. 	—DC
 Illegal currency and documents were seized during raids by income tax officials on various offices of the Balaji Group in Chennai on Saturday. —DC

Chennai: Over Rs 55 crore in illegal currency was seized during raids at various offices of Balaji Group in the city by income tax officials on Saturday.

The raids began yesterday and continued for the second day across over 40 locations belonging to the group including its head office on Habibullah Road, T Nagar. Sources said that several documents were also seized during the raids.

 

The Balaji group was targetted after a businessman and two South Korean nationals were arrested by the Directorate of Revenue Intelligence officers on November 30 attempting to smuggle over 7 kg worth of gold bars and Rs 11 crore in unaccounted cash. 

The businessman confessed that the bars of gold were smuggled into Chennai through the airport by international smugglers. He also said that they were staying at the same hotel. 

It was then found that the smugglers were two South Korean nationals who had smuggled the gold on their person. 

 

 Two assistants of the businessman too admitted to having regularly helped with the smuggling. A car which was allegedly used to smuggle was also seized. 

The businessman admitted that he would regularly receive smuggled gold from foreign nationals. They would stay at various hotels in the city and hand the gold over to him. The Rs 11 crore that were seized was the money he had made from selling the gold in the black market, he said, adding that they would be remitted through hawala channels.  

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