This is the biggest seizure of new money notes after the old Rs 500 and Rs 1,000 notes were rejected on November 8. The I-T operation had been propelled yesterday here.
Authorities said S Reddy, a temporary worker working with the state government, has asserted the whole cash and the gold as his own and is being addressed.
"127 kg gold in 1 kg bars and Rs 96 crore in old cash and Rs 10 crore in Rs 2,000 notes have been seized by the sleuths after the operation," best I-T office authorities said, including "this is an exceptional sum that the duty division has seized lately".
The division completed the inquiries in view of intelligence contributions about the exercises of Reddy and few others throughout the previous few days. Authorities said the organization was researching how the new notes in such an extensive amount were stashed by the person. The packs of the new Rs 2,000 had no saving money slips on them.
They said the I-T groups had propelled operations on no less than eight areas of a "syndicate" required in coin change. The authorities said various archives identified with budgetary exchanges, sections of a gold deal and records of offer/buy have additionally been seized by the expense sleuths.
No less than three individuals of the asserted syndicate are being addressed while few others are under the radar, they said. "He (Reddy) is a contractual worker working with the state government. He is asserting the whole money and gold to be his own. The additional test is on," they said.
The I-T division, they said, will impart the case subtle elements to the Enforcement Directorate and CBI for the further test into tax evasion and debasement points. Some bank authorities are likewise under the scanner of the taxman.
The expense division had made the biggest seizure of Rs 5.7 crore trade out new notes in Bengaluru few days back after which two other focal test offices, the CBI and the Enforcement Directorate, had assumed control over the cases to test cases of defilement, IRS evasion and huge scale hawala exchanges in the wake of the coin scrap on November 8.
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