11/12/2016 11:28 AM IST | Updated 11/12/2016 11:49 AM IST

IT Department Seizes ₹24 Crores In New Currency Notes In Vellore

The latest haul is the highest number in cash recovery that has been retrieved so far in the form of new currency.

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VELLORE -- Following the massive raids on the premises of three Chennai-based businessmen, the Income Tax Department on Saturday confirmed seizing ₹24 crores in new currency notes in Vellore, Tamil Nadu. The latest haul is the highest number in cash recovery that has been retrieved so far in the form of new currency.

During an investigation, the IT department found out that some cash was hidden in a car in Vellore, upon which it was discovered that all currency was in the form of ₹2,000 notes in 12 boxes of ₹2 crore each.

Upon interrogation of those detained in Chennai, a breakthrough was made in the recovery of this cash wherein the IT sleuths laid a trap for the person transporting ₹24 crores in Vellore and subsequently seized the currency. Interrogation is currently underway of those who were detained in Chennai which could lead to further recoveries.

Following demonetisation, the Enforcement Directorate (ED) had carried out massive raids in 50 branches of 10 banks across the nation in an attempt to keep a tab on those account holders, who deposited huge amounts at one time. According to sources, the ED also received a strong tip off that several account holders post demonetisation deposited money and changed their black money into white through banks nationwide.

At present, the officials have started to check up those accounts that have suspicious transaction post demonetisation and shining bright on their radar are those banks and branches where maximum amount of cash in old currency has been deposited.

Meanwhile, Income Tax officials continue to carry out raids on the premises of three Chennai-based businessmen and ₹106 crore in old and new currencies and 127kg of gold bars have been seized so far. The seized money included ₹96 crore in old notes and Rs. 10 crore mostly in the newly introduced ₹2,000 notes.

The raided premises belong to industrialist Shekhar Reddy who is a contractor for Tamil Nadu state public works department (PWD), his associate Srinivasa Reddy and their agents, including Prem Kumar.

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