Rs 90 crore cash, 100 kg gold seized in Income Tax raids on Chennai jewellers

The Income Tax department on Thursday raided the homes of jewellers and sand miners in Chennai and unearthed Rs. 90 crore in cash and 100 kg gold.

Rs 90 crore cash, 100 kg gold seized in Income Tax raids on Chennai jewellers

The Income Tax department on Thursday raided the homes of jewellers and sand miners in Chennai and unearthed Rs. 90 crore in cash and 100 kg gold.

Of the total seizure the I-T officials found Rs 8 crore in new notes and Rs. 65 crore in the banned old notes of Rs. 500 and Rs. 1,000, reported NDTV. The counting of seized assets is still going on, sources said. The teams also seized 100kg gold bars worth Rs 30 crore, said the official



The I-T officials raided eight location in Chennai including the premises belong to industrialist Shekhar Reddy, his associate Srinivasa Reddy and their agents including one Prem.

The sleuths got a tip-off about Prem exchanging old currencies for gold bars, and following his trail they stumbled upon the Reddy associates

The Income Tax Department has been conducting regular raids since the government scrapped high denomination notes of Rs. 500 and Rs. 1,000. Following the leads generated during the raids, I-T officials also made enquiries at a few jewellery shops in the city.


Apparently, some banks officials are also involved in the racket, said sources. Shekhar Reddy is well connected to many bigwigs and was involved in sand quarrying across the state in the last few years.


Reddy is also a member of the Tirumala Tirupati Devasthanam Trust and had visited Apollo Hospital on October 12 to hand over Tirupati 'prasadam' to former chief minister J Jayalalithaa who was admitted there then.

Earlier on Wednesday, over Rs 1.75 crore were seized and eight people were arrested in raids at different places by the police and the CBI.