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Post demonetisation, I-T Officials Seize Rs 250 Cr of Unaccounted Cash in Hyderabad

Image is for representation purpose only.

Image is for representation purpose only.

The deposits of over Rs 1 crore in bank, which do not match with the disclosed income is under the radar for probe.

After demonetisation announcement on November 8, the Income Tax directorate in Hyderabad has seized over Rs 250 crore in undisclosed income while investigating 50 cases of tax evasion.

The IT officials have seized over Rs 4 crores of cash, which includes about Rs 1.6 crore of new 2000 notes.

The department has handed 12 cases to Enforcement directorate and 12 cases to CBI for further Investigation.

Also, IT sleuths are keeping a close watch on big deposits being made in the banks.

The deposits of over Rs 1 crore in bank, which do not match with the disclosed income is under the radar for probe.

Repeatedly, notices are being sent and IT sleuths are investigating hundreds of cases.

From petrol pump owners to small and big businessmen, Income-Tax department officials are scrutinizing huge cash deposits of demonetised notes that were made after November 8.

Big Jeweller in Net

The income tax department earlier this month conducted raids at a jewellery showroom in posh Banjara hills in Hyderabad after its owner deposited over Rs 100 crore in his bank account after demonetisation.

The jeweller told Income tax officials that nearly 5100 people purchased jewellery items within few hours after the demonetisation decision was announced on November 8.

Since the amount for each billing was below Rs 2 lakhs, no KYC or Pan documents were taken, claimed the jeweller.

Not believing the records, IT officials checked CCTV footage and it was revealed that the jewellery shop was closed by 8 pm in the evening.

Officials are now reviewing bills of the gold purchases.

A similar case from Vishakhapatnam is also under investigation where a jeweller deposited Rs 25 crore in his bank account.

The jewellers have been under radar to check black money transactions, but sources say raids are conducted only after credible input.

Rs 10,000 Disclosure in Hyderabad

Last week income tax officials also raided house of city based businessman, who had declared Rs 10,000 crore under the Income Disclosure Scheme (IDS), after he failed to pay the first tax installment by November 30. Officials are assessing his claims before taking any further action. Sources say he has no money and his claim is turning out to be fake.

first published:December 14, 2016, 22:43 IST