Hyderabad: Income-Tax officials from Hyderabad searched a prominent chit fund company in Telangana and Andhra Pradesh for depositing about Rs 90 crore in demonetised currency in November 2016.When last reports came searches were going on at 30 premises, including residences and offices, at various places in the two states.
An I-T official said the chit fund company belonged to a prominent media group. “The group also has financial consultancy and real estate businesses. The group had deposited approximately Rs 90 crore in high value notes in November 2016,” the official said.
The official said that I-T teams gathered evidence during the raids. “CCTV footages from the chit fund company’s branches showed acceptance of demonetised currency in the name of chit subscriptions with clear back dating before November 8, 2016,” the official said.
Officials said this was the third raid in the country after the closure of the Pradhan Mantri Garib Kalyan Yojana Scheme which allowed black money holders to convert their money into white. Two raids were carried out on Thursday by Ahmedabad and Pune I-T officials.