I-T Dept Seizes Rs 4 Crore from Karnataka; Searches Underway in Goa
The house of a bank employee in Navanagar, Bagalkot was searched and Rs 1 crore was seized. intelligence suggested that the person is accumulating cash for distribution for election purposes.
The Income tax department in Karnataka-Goa is continuing its proactive role in combating the role of money power in the ongoing Lok Sabha elections. Cash above Rs 4 crore has been seized in various searches carried out on Saturday.
In Karnataka, a cash handler was intercepted, upon the receipt of credible intelligence that cash would be transported from Bangalore to Shimoga and Bhadravati. His vehicle was searched and cash worth Rs 2.30 crore was found stuffed inside the stepney wheel of the vehicle.
Follow up searches are underway in Bhadravati where a further seizure of Rs 60 lakh is expected.
In another I-T raid, the house of a bank employee in Navanagar, Bagalkot was searched and Rs 1 crore was seized. The intelligence received suggested that the person is accumulating cash for distribution for election purposes.
What is interesting is that the persons in charge of cash transport and distribution had removed several notes from each bundle: an average of 4 notes was removed from each bundle of 100 notes of Rs 2000 denomination, suggesting leakages in this illegal cash distribution.
Cash in excess of Rs 10 lakh was also seized at Vijayapura in another search.
Another search is underway in Goa. Officials are carrying out a search on two brothers who run a jewellery business in Goa.
Two residential premises are covered in search, while two business premises are under survey. Cash in excess of Rs 30 lakh is being seized from this premise.
These searches by the I-T department are being carried out on the basis of information received that individuals running businesses mainly carry out their deals in cash and the cash generated is potentially used for providing accommodation entries against cheque issued by the parties who need cash.
The total cash seizure on Saturday in Karnataka-Goa is expected to total at Rs 4.5 crore.
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