Telangana News

During searches in a dozen premises in Bengaluru and other locations, the Income Tax department on Thursday confiscated over Rs 4.7 crores.  

"During the course of searches Rs 4.7 crore cash in the new denominations of Rs 2000 and 0.3 crore in old/smaller denominations totaling Rs 5 crore and 7 kg bullion worth approximately Rs 2 crore were found in a flat owned by a civil contractor. The new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission of an engineer and a contractor," the Central Board of Direct Taxes (CBDT), said.

The officials also seized some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits during the operation. Surprisingly, while the common public is struggling to withdraw even the small amounts of money from their accounts, the sheer amount of new notes is being caught in the operations.

"This is the highest seizure of the new currency in the country post the currency ban on November 8. Some entry operators and bankers in Karnataka and Tamil Nadu are under the scanner. Such volume of new currency cannot be obtained without connivance of bank officials," a senior I-T department official said.