I-T slueths recover Rs 34 lakh from power firm MD

The directorate of income-tax (investigation) seized Rs 34 lakh in cash from the managing director of a power generation and infrastructure development company at the Begumpet Airport in Hyderabad in the wee hours of Sunday.

The Hyderabad-headquartered company has branches across the country.

"The person was apprehended at the airport in the early hours of Sunday. He was coming to Hyderabad from New Delhi on the morning flight (number IC 940). The bag containing the cash was to have accompanied him, but was apparently sent to Chennai by mistake," M Ahmed, director-general of income-tax (investigations), Hyderabad, told mediapersons here on Sunday, while declining to divulge the name of the managing director and the company.

According to him, the baggage finally arrived from Chennai by 8.30 pm on another flight (no IC 935) on Sunday. When the income tax sleuths opened it, an amount of Rs 34 lakh was found.

"During the preliminary questioning, the managing director had failed to name the source of the cash in his possession. Further interrogation and verification was conducted by the I-T sleuths throughout the night, and finally he accepted that the cash was unaccounted. The managing director as well as the company would be liable to penalty and prosecution, and action to this effect would be taken in a couple of days," he added.

However, the managing director was later released.