Demonetisation effect: Rs 106 crore cash, 127 KG Gold seized in Chennai by IT Department

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Chennai : Moving towards Digital India concept launched by PM of India Narendra Modi announced Demonetisation of Rs 500 and Rs 1000 Notes, This move brought a major changes in the Black Money and White Money, Recently Income Tax Department seized Rs 106 crore of cash which includes Rs 10 crores of latest new currency along with Gold Bards which weighs to 127 KG.

Demonetisation effect: Rs 106 crore cash, 127 KG Gold seized in Chennai by IT Department

Demonetisation-effect-Rs 106-crore-cash-127-KG-Gold-seized-in-Chennai-by-IT-Department

Demonetisation effect: Rs 106 crore cash, 127 KG Gold seized in Chennai by IT Department

S Reddy IT Officials mentioned S Reddy State Government contractor claimed that money and Gold, This is the unprecedented amount that was seized by the tax departments in the recent times. Income Tax Officials also added operations are being made to bring more inputs from Reddy and others who are involved in this scam. IT Officials are investing how the individual trashed the new notes in bulk quantity, Also they spotted there are Rs 2,000 bundles on the bank slips of the bundles. For this IT teams made 8 different operations in the areas of the syndicate in the currency change.

Tax officials claimed financial transactions and other related documents as well as Gold Sale entries, Sale to purchase files. On further probe, IT officials tracked that, They are going to handover to Enforcement Directorate and CBI too.

Till today, Income Tax department seized Rs 5.7 crore cash in new notes in Bengaluru a few days back which is being registered as the largest seizure. Immediately the case was handed over to CBI and Enforcement Directorate. The further probe went up to money laundering and large-scale of hawala transactions on November 8.Along with this taxman, there are few bank officials IT department to share more details soon.