In the Income Tax Department on October 12 conducted a search and seizure operation on some government contractors, real estate developers, and some associates. These raids were conducted in the states of Karnataka, Andhra Pradesh, Telangana, and New Delhi.
During the raid, the IT department seized unaccounted cash worth about Rs 94 crore, gold and diamond jewelry worth more than Rs 8 crore, and 30 foreign-made luxury wristwatches. Giving information, the Central Board of Direct Taxes said that further investigation is in process.
The search operation was conducted by the department at a total of 55 premises in Bengaluru and some cities of Telangana, Andhra Pradesh, and Delhi. "The searches have resulted in the seizure of unaccounted cash of approximately Rs 94 crore and gold and diamond jewelry worth over Rs 8 crore, aggregating to over Rs 102 crore," the Central Board of Direct Taxes said in a statement.
Without disclosing the identity of the accused entities, it was said that about 30 foreign-made luxury wristwatches have been recovered from the premises of a private salaried employee.