Chennai: The Income Tax department on Saturday seized a whopping Rs240 million in Rs2,000 denomination stashed inside a car in Tamil Nadu’s Vellore district, an official said.
“We have seized cash valued at Rs240 million in Vellore. The raid continues,” the IT official told IANS.
According to him, the seized cash will be deposited with the Reserve Bank of India.
This is the third day of the IT raids on three businessmen — J. Shekhar Reddy, Srinivasalu and Prem — that started on December 8.
The Central Board of Direct Taxes (CBDT) on Friday said the IT department had seized Rs968.9 million cash in old Rs500 and Rs1,000 notes, and Rs96.3 million in new Rs2,000 denomination along with gold weighing 127kg worth approximately Rs362.9 million.
The big fish is said to be Reddy, from whose car the money was seized, who is a contractor and has executed works for Tamil Nadu government.
He was also a Board Member of the Tirumala Tirupati Devasthanam (TTD). On Saturday the Andhra Pradesh government removed him from that post following the raids and cash/gold seizure.
