A surprise check on Monday at jewellery making units on Edapalayam Street, Park Town, led to the discovery and seizure of 1.25 crore in cash and 5kg of gold bullions, valued at Rs. 3.25 crore.
Income tax officials conducted the searches based on a tip-off about smuggled gold being exchanged for cash.
People at the units were unable to provide valid documentation for the cash and gold, resulting in the confiscation of the items.
Income Tax department is carrying out further investigations into the matter.
Meanwhile, election flying squads were active in their pursuit to curb unaccounted cash flow ahead of the upcoming elections. On Monday, officials intercepted a private agency’s van in Royapuram, which was transporting 1.29 crore to an SBI bank branch from various ATMs. Upon investigation, the bank submitted necessary documents, and the cash was subsequently released.
Another squad in Guindy seized 41 lakh from a vehicle. The funds belonged to the distributor of a biscuit company.
The person carrying the cash filed to produce required documents to account for the money, leading to its seizure.
Source: The Times of India
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