Rs 142 cr worth gold, cash seized during I-T raids in Chennai

New Delhi, In the biggest seizure of cash and gold post-demonetisation, the Income Tax department on Friday said it has seized unaccounted assets worth over Rs 142 crore — that includes about Rs 10 crore in new notes and goldbars weighing 127 kg — during searches at multiple locations in Chennai to check tax evasion.


This largest seizure of new currency notes in the country, after the old Rs 500 and 1,000 notes were scrapped on November 8, was seized by the sleuths of the investigation wing of the Income Tax department after raids were launched on Thursday in eight premises of a group engaged in sand mining in Tamil Nadu.


“The group has sand mining licence for the entire state of Tamil Nadu. Eight premises (six residential and two offices) were covered in the search.


The total value of the assets is about Rs 142.81 crore.


The pictures of the seizures made by the sleuths in Chennai show big paper cartons, packed with old and new notes kept side-by-side shining gold bars in a room in a posh locality in the southern metropolis.


It added that the searches are “still in progress at four out of the total 8 premises and more specific details including modus operandi would emerge after examination of the documents and other evidence detected during the search.”