Major I-T raids since note ban: TN chief secy held; DRI seizes Rs 1.34 cr in new currency in Chennai

It has been more than a month since the Narendra Modi government decided to demonetise high-denomination notes of Rs 500 and Rs 1,000 and even though queues outside banks and ATMs might have shortened from how they used to be, income tax officials have been busy with several high-profile seizures of cash and gold. Some of the seizures reflect poorly on the government — in a few instances new currency notes were seized as well which in turn raises questions about the BJP government's decision.

Since 8 November, the Income Tax department has detected Over Rs 3,185 crore of undisclosed income, while seizing Rs 86 crore worth of new notes, as part of its country-wide operations against black money hoarders. Official sources said the taxman carried out a total of 677 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on 8 November, even as the department has issued over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings.

The I-T department, they said, has also seized cash and jewellery worth over Rs 428 crore during the same period.

 Major I-T raids since note ban: TN chief secy held; DRI seizes Rs 1.34 cr in new currency in Chennai

Representational image. PTI

The agency has also referred over 220 cases to its sister agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.

Here are some of the biggest raids conducted by tax sleuths since the high-profile cleanup of the Indian economy began:

Kolkata businessman raided

Kolkata businessman Parasmal Lodha was arrested by the Enforcement Directorate for allegedly converting over Rs 25 crore in demonetised currency notes into new ones, reports News18. According to the report, Lodha has links with industrialist J Shekhar Reddy, who was arrested along with his associate K Srinivasulu on Wednesday.

Chennai airport raid 

In the latest development, the Directorate of Revenue Intelligence busted a hawala gang and seized Rs 1.34 Crore in Rs 2000 notes & $ 7000 from five persons in early morning hours, near Chennai airport, reported ANI.

Tamil Nadu chief secretary, his son under taxmen scanner

The house and office of Tamil Nadu chief secretary P Rama Mohana Rao was on Wednesday searched by Income Tax officials who claimed to have recovered Rs 30 lakh cash in new notes and five kgs of gold besides getting "disclosure" about Rs five crore of unaccounted income.

On Thursday, tax sleuths raided his son, Vivek Rao's office in Chennai. Sources told NDTV that the taxmen are probing the source of funding for the six companies that Rao established in 2012.

Continuing raids in Chennai

On 20 November, taxmen raided the premises of a prominent engineering college after reports arose of the owner depositing Rs eight crore in unaccounted cash in the accounts of employees. IT officials later found that the amount was deposited in over 400 bank accounts.

According to The Indian Express, on 8 December, the IT department busted a money exchange racket in the Tamil Nadu capital, seizing Rs 90 crore in cash, of which 70 crore were in new notes, along with 100 kgs of gold.

The Income Tax officials on Monday seized demonetised currency notes worth Rs 10 crore and a few kilogrammes of diamond and gold jewellery during a raid in the house and showroom of a jeweller in Chennai.

BJP leader arrested with new notes

On 6 December, the Special Task Force arrested former West Bengal BJP leader Mahesh Sharma, after Rs 33 Lakh in form of Rs 2,000 notes was confiscated from him.

New notes found in 'secret chamber'

In a surprise raid at a hawala operator's residence in Hubballi led to the Karnataka and Goa taxmen unearthing Rs 5.7 crore in new cash, The Times of India reported. The stash of new cash, interestingly, was found in a secret chamber in the bathroom.

Post note ban Rs 30 crore seized in Maharashtra excluding Mumbai

Post demonetisation of Rs 500 and Rs 1,000 notes, the Income Tax department seized about Rs 30 crore in cash, including Rs 12.32 crore in new bills, from Maharashtra, excluding Mumbai.

The cash was seized during 57 surveys and search operation carried out since the decommissioning of the old Rs 500 and Rs 1,000 notes, I-T department said in a release in Mumbai.

CBI raid at Hyderabad post offices

The CBI conducted surprise raids after the note ban. During one such search at the Himayatnagar Post office, the invetigation agency found Rs 40 lakh. The raid took place on reports of irregularites in phasing out of old currency notes.

Bahubali producer raided in Hyderabad

The IT department raided the residences and offices of the producers of the multi-lingual blockbuster Bahubali, Business Standard reported. Shobu Yarlagadda and Prasad Devineni, the two producers, were at the recieving end of the taxmen, as Rs 60 crore worth of new notes were found during the raids.

G Janardhan reddy under IT scanner

On 21 November, within days after G Janardhan Reddy's daughter's lavish wedding grabbed headlines for its splendour, Income Tax Department raided the mining baron's offices in Bellari.

A team of five I-T Department officials raided the former BJP lawmaker's Obulapuram Mining Company (OMC) offices.

NGO linked to Pakistan singer raided

On November 18, Delhi police and the IT department raided the offices of a NGO, Routes of Roots, run by the managers of eminent Pakistani singer Shafqat Amanat Ali Khan, after it recieved reports of illegal conversion of black money.

IT raids in Chandigarh college

The Enforcement Directorate on Monday seized Rs 50 lakh cash, including Rs 46.80 lakh in new notes, after raids at the premises of an educational institute's owner. Acting on a tip-off, the ED sleuths swooped down on the premises of the owner of Swami Devi Dyal Group of Institutes in Chandigarh.

Over two crores seized from Meerut engineer

Cash worth more than Rs 2.67 crore in both old and new notes, and 30 kilograms of silver were seized from an engineer, working in the irrigation department, by the Income tax sleuths on Tuesday.

With inputs from PTI

Updated Date: Dec 22, 2016 18:26:49 IST