The Income Tax department today seized Rs. 4.7 crore in the new currency of Rs. 2000 notes and thirty lakhs in old and smaller denominations totalling to Rs. five crores.
A search action by the Investigation Directorate, Bangalore, was initiated yesterday in the case of two engineers and connected persons with premises in Bangalore, Chennai and Erode.
During the course of searches, Rs. 4.7 crore cash in new denominations of Rs. 2000/- and 0.3 crores in old/smaller denominations totalling to Rs. five crore and seven kg bullion worth approximately Rs. two crore were found in a flat owned by a civil contractor.
The new notes and bullionare learnt to have been obtained by exchange of demonetized notes by payment of commission.
The investigation is still in progress and the search action is still continuing in ten premises.