The investigation wing officials of the Income Tax (I-T) department said that they had recovered Rs.56 crore in cash from the premises of three footwear manufacturers in Agra.
The I-T operation would conclude on Tuesday when the seized cash is deposited in the bank, officials said.
“Cash of Rs.56 crore has been recovered. Apart from the cash recovery, we have been able to trace documents that exposed out-of-book business transactions by these three firms,” confirmed an I-T official involved in the search and seizure operation.
Of the total Rs.56 crore cash seizure, Rs.53.5 crore was seized from Har Milap Traders alone while the rest of the amount was recovered from BK Shoes and Manshu Footwear.
The search, directed by joint director, I-T in Agra Dr Amar Jot, began on Saturday afternoon. A team of about 80 staff members, led by deputy director Pankaj Kumar and deputy director Ashima Mahajan, conducted the search on the premises of footwear traders.
Nearly a dozen counting machines were used to count the seized currency notes, officials said. They added that though the count of currency in denomination of Rs. 500 was completed on Monday, an extra day was needed to get the ₹56 crore deposited in the bank.
The three footwear business houses where I-T department carried out its operation included premises at MG Road, Dhakran, Hing Ki Mandi and Surya Nagar. The I-T department team that was part of the operation were from Agra, Kanpur, and Lucknow.
Source: Hindustan Times
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