Chennai: IT sleuths raid jewellers' homes, seize Rs 90 cr cash, 100 kg gold

Chennai: Income Tax department officials on Thursday raided eight locations in Chennai including Anna Nagar and T Nagar and recovered Rs 90 crore in cash of which 70 crore were in new notes.

According to an ANI source, the officials had also seized 100 kgs of gold worth Rs 29 crore during the raids on the homes of jewellers in the city.

The Income-Tax department had revealed that it found undisclosed income worth Rs 2,000 crore during nationwide raids and searches that also yielded Rs 130 crore in cash and jewellery after the Centre’s demonetisation decision a month ago.

The department has conducted swift investigations into more than 400 cases after the November 8 decision to scrap Rs 500 and Rs 1,000 banknotes.

The Central Board of Direct Taxes (CBDT) has found serious irregularities beyond the purview of the I-T Act, and decided to refer such cases to the Enforcement Directorate (ED) and the CBI to examine criminal conduct and ensure immediate and necessary action.

Over 30 such references have already been made to the ED, and cases are also being sent to the CBI. The Centre got information of several places where the old currency notes were being exchanged at a discount and are even being used to purchase gold.