The Income Tax department on Monday as part of its black money crackdown seized Rs 10 crore in demonetised currency and 6 kg gold jewellery from a businessman’s house and three other places.
According to officials, all in demonetised notes of Rs 1,000 and Rs 500 and the search was carried out after they found out a trader was dealing with the demonetised currency in exchange for gold for a premium.
The man lived on the 6th floor of an apartment complex on Sydenhams Road, Periamet. The investigators raided his apartment and three other premises including the jewellery stores run by the businessman, located at NSC Bose Road.
The raids comes a week after the intelligence department raided the premises of a businessman named Sekhar Reddy and two others in Chennai and Vellore and seized over Rs 100 crore.
An I-T official said, “Following information that some people in north Chennai were planning to exchange old currency notes, we raided the three apartments belonging to an imitation gold jewellery businessman called Arjun Kumar Hirani.”
He added the current raids are not connected with Sekhar Reddy but they are investigating whether Hirani is a Hawala trader.
The official said, “In raids held in November, we found that some of the jewellers were hawala traders too.” The I-T wing raided almost 12 jewellers at Broadway on November 11.
He further said, “The jewellers were involved in bullion trade. Jewellery businesses were under the watch of our wing for hoarding bullion and cash. They were issued a notice asking them to join the Income Disclosure Scheme (IDS) which ended on September 30, but they did not respond.”
Only 11 days are left for exchanging the demonetised notes. The officer said as the days come to a close the investigation agency is watching several individuals and companies. “In the coming days too there will be raids to prevent people from exchanging black money.”
Since Narendra Modi’s announcement of demonetisation, there have been many raids in Chennai on businessmen, jewellers, college owners and others. But the raids on the premises of Sekhar Reddy and two others is the biggest.
The raid carried on for more than 3 days in Vellore and Chennai and they seized Rs 130.5 crore in old and new currency notes and 177 kg gold worth Rs 50.5 crore. The enforcement department and the CBI took over the case.
On 19th November, a raid was conducted in an engineering college, there they found the college owner deposited Rs 8 crore in the bank accounts of 400 employees.