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Ahead of polls in Karnataka, IT department seizes 4.13 crores in cash and 1.32 crores gold

According to some officials, the Income Tax Department conducted searches on a number of contractors in election-bound Karnataka in connection with a tax evasion probe on Tuesday. The department seized Rs 4.13 crore in cash and 4.52 kg gold jewellery valued at Rs 1.32 crore during raids conducted over the last three weeks.

“Of the Rs 4.13-crore seized, Rs 4.03 crore is in Rs 2,000 and Rs 500 currency notes, with Bengaluru accounting for Rs 2.47 crore and Ballari Rs 55 lakh,” said state Joint Director of Income Tax Department G. Ramesh in a statement.

The raids are being conducted against at least 11 contractors in Mysore and Bangalore by the investigation wing of the department. This data is being co-related with all bank transactions and available cash withdrawal intelligence.

“We have stepped up surveillance and monitoring of activities in view of the state assembly election. Seizure in higher denomination raises eyebrows, as people are finding difficulty in drawing cash from banks and ATMs due to its shortage in some parts of the country,” proclaimed Ramesh.

It is said that as part of the enhanced alertness in the wake of the single-phase polling scheduled on May 12, the investigation wing of the department in Karnataka and Goa has “stepped up its surveillance and monitoring activities”.

The bank’s investigation cell has gathered details of contract payments made in the last quarter of the fiscal 2017-18 and comparing them previous’ years to identify abnormality.

 

 

 

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