Chennai: Income Tax sleuths seized nearly Rs 10 crore in demonetised currency and 6 kg of gold jewels from a businessman’s residence and three other premises in the city on Monday.
The raids were conducted following a tip-off suggesting that a businessman had been dealing with the demonetised currency in exchange for gold for a premium.
The residence of the businessman located in the 6th floor of an apartment complex on Sydenhams Road, Periamet was raided, so too three other premises including the jewellery store run by the businessman located on NSC Bose Road.
Sources said the IT sleuths had demanded that the businessman produce the statement of accounts for the possession of money and gold. It may be recalled the city has already accounted for over Rs 100 crores seized from a businessmen ‘Isukku’ Shekhar Reddy in nationwide raids.
