Income Tax officials raid the homes of jewelers in 8 places in Chennai, recover Rs.90 crores in cash and Rs.29 crores jewellery

The department has been conducting regular raids since notes ban on Nov 8 Till December 6, cash and jewelry worth Rs. 120 crore (90+29=119)had been seized. The officials of the Income Tax department raided the homes of jewellers and sand miners in Chennai and recovered Rs. 90 crore in cash and 100 kg gold today. Raids have been conducted at eight places in the city, sources said.

Of the seized cash, Rs. 70 crore were in new notes, Rs. 20 crore in the banned old notes of Rs. 500 and Rs. 1,000, sources said.
Till December 6, cash and jewellery worth Rs. 130 crore had been seized and Rs. 2,000 crore of undisclosed wealth admitted by taxpayers, the department said.
The value of the gold seized today is Rs. 29 crore.

Further the investigating agencies, is stated have been examining the amounts deposited in the Bank Accounts worth Rs.11.55 lakh crores.

The amounts deposited without proper accounts and in benami names will attract the penal provisions of Benami Property Act.