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Modi government cracks whip on black money: 5 biggest Income Tax seizures in 15 days

India Today logo India Today 15-12-2016

Ever since Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1000 currency on November 8, several reports of hawala operators and businessmen trying to convert their black money into white have being doing the rounds.

The Prime Minister had called the demonetisation one of the steps to curb the menace of black money. Based on intelligence reports and tip-offs, the Income Tax department in the last two weeks has been cracking the whip on those hoarding unaccounted money.

We bring five of the biggest I-T seizures in the last two weeks.

December 14: The Income Tax department and Crime Branch officials recovered Rs 3.25 crore in old notes from a hotel in Delhi's Karol Bagh locality. The money, according to preliminary investigation, belongs to hawala operators based in Mumbai. The notes were packed in a way that they went undetected through scanning machines at airports.



December 12: The Income Tax department swooped down on several branchces of a cooperative bank in Jaipur and found Rs 1.56 crore and jewellery worth Rs 50 lakh from the premises. The I-T officials searched the bank's premises for three days and during the period bank officials were made to stay inside. The bank's CEO is missing.

December 10: Delhi Police recovered Rs 13.65 crore in cash, including Rs 2.60 crore in new currency notes, from its raid on lawyer Rohit Tandon's firm T&T. Interestingly, Tandon saw the raid at his Greater Kailash residence on his phone. He had declared Rs 125 crore as unaccounted income in October. His son, also a lawyer, tied the knot last year at a Rs 100-crore wedding ceremony.

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December 10: I-T officials seized new currency worth Rs 5.7 crore from a hawala operator's secret bathroom chamber, in Hyderabad. Around 28 kg of bullion, about 4 kg of gold and jewellery were also recovered from his house.

December 2: An Income Tax raid on the premises of two engineers and two contractors in Bengaluru found Rs 5.7 crore of cash, all in new Rs 2000 notes. In addition, 7 kg gold and about 9 kg of jewellery were also found, all valued at nearly Rs 5 crore.

ALSO ON MSN: IT raids in Delhi: Rs 3.25 crore recovered from a Karol Bagh hotel

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