Income Tax department catches Money Laundering

The Income Tax Department shocked after conducting sudden raids in multiple locations in Chennai. Yes, the I-T department had seized more than Rs 106 crore cash including Rs 10 crore new notes and gold biscuits weighing 127 kg. I-T raids were held in multiple locations in Chennai to check tax avoidance after demonetization.

This is the largest seizure of new currency after the ban on inactive Rs 500 and Rs 1000 notes on November 8. The Income Tax Department had conducted a special operation at Chennai to caught tax evaders. Coming to the details, I-T officials said a contractor named as S Reddy working with the state Government has demanded the full cash and the gold as his own and is being questioned.

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I-T Dept officials confirmed that “the officials have seized 127 Kg gold in 1 kg bars, Rs 96 crore in cash and Rs 10 crore in new currency with new 2000 notes after the operation. This is a record amount that the Income Tax Department has detained in recent times.”

The department has performed searches based on intelligence reports about the activities of Reddy and few others for the last few days. The agency was investigating how the concerned party should get that much amount of new notes under the cash crunch. The bundles of the new Rs 2000 notes had no bank slips on them.

The officials said the tax investigators have also seized some documents related to financial transactions, entries of gold sale and records of sale/purchase. At least three persons of the so-called association are being questioned while few others are under the radar, they said.
I-T department has conducted IT raids in Chennai.

The officials stated that they would share the case details with the enforcement directorate and CBI for further probe into money washing and corruption angles. Some bank officials are also under the scam, and we are searching for those.

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Earlier, the income tax department had made the big seizure of Rs 5.7 crore cash in new notes in Bengaluru a few days back after which two other central probe agencies. CBI and the Enforcement Directorate had taken over the cases to review instances of corruption, money laundering and large-scale hawala transactions in wake of the currency scrap on November 8.

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