Rs 4 crore seized in I-T raids in Bengaluru: Biggest Seizure in New Notes

Largest ever seizure operations of the new currency after the demonetization. Income Tax Department today conducted searches in Bangalore where two persons with four crore cash and jewellery were confiscated.

Authorities said in search of the premises of an engineer and a contractor; these new notes were seized. Official said that most of these are of Rs 2000. Some of these notes are also in the denomination of 100s and 500s as well. While investigation we also found some gold biscuits.

Caught Rs.2000 notes were placed in large sacks. Total four crores in cash were found. Counting of these notes was going on. Officials said the new cash is by far the largest seizure. In this case, we are closing monitoring some of entry-operators and bankers. Officials said the on investigation we also found many identity proofs from their places. We believe that this was used for the exchange of old notes for new notes.