IT conducts massive raids: New currency seized from B'luru, Panjim, Faridabad

Bengaluru : The Income Tax Department is on its toes and is conducting IT raids in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital. Rs 2.25 crores has been seized in Bengaluru by the IT Department in new currency, while Rs. 68 lakh has been seized in Panjim.

• In Faridabad, four were arrested with new currency of over Rs. 25 lakh in the new Rs. 2000 notes. Meanwhile, in Delhi, yet another raid was carried out at a hotel in Karol Bagh following which the massive amount of Rs. 3. 25 crores was recovered in old notes

• Upon interrogation it was found that the money belongs to some Bombay based hawala operators, who have hired packaging specialists who pack these notes in such a manner that it was even undetectable by airport scanning machines

• These experts in packaging use a particular type of tape and wires which passes through X-ray also without being detected. The IT Department has seized the cash and is analyzing the mobile details which allegedly contain details of lot of other hawala operators

• This recent raid comes in the wake of yet another raid carried out in the national capital, where in a joint raid conducted by the Income Tax Department and the Delhi Police, Rs. 10 crores was recovered from a law firm in Greater Kailash area

• Acting on a tip-off, the police recovered Rs. 2.5 crore in new currency notes and the balance Rs.7.5 crores in old currency notes from the T&T law firm owned by Rohit Tondon late on Saturday night

• Following the massive raids on the premises of three Chennai-based businessmen, the Income Tax Department last Saturday confirmed seizing Rs 24 crores in new currency notes in Vellore, Tamil Nadu. During an investigation, the IT department found out that some cash was hidden in a car in Vellore, upon which it was discovered that all currency was in the form of Rs 2,000 notes in 12 boxes of Rs 2 crore each

• Upon interrogation of those detained in Chennai, a breakthrough was made in the recovery of this cash wherein the IT sleuths laid a trap for the person transporting Rs 24 crores in Vellore and subsequently seized the currency

Interrogation is currently underway of those who were detained in Chennai which could lead to further recoveries. Following demonetisation, the Enforcement Directorate (ED) had carried out massive raids in 50 branches of 10 banks across the nation in an attempt to keep a tab on those account holders, who deposited huge amounts at one time.