100 kilos gold and Rs 90 crore recovered in Chennai IT raids

Out of the Rs 90 crore seized, Rs 70 crore was in new currency notes. Sleuths from the IT department carried out raids in eight locations across Chennai

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In one of the biggest hauls post demonetisation, Income Tax officials seized Rs 90 crore and approximately 100 kgs gold. Multiple teams of IT officials raided 8 places across Chennai unearthing illegally amassed wealth.

Income tax

Out of the Rs 90 crore seized, Rs 70 crore was in new currency notes. Sleuths from the IT department carried out raids in eight locations including residences and offices belonging to three businessmen in Chennai's T Nagar and Anna Nagar. The businessmen identified as Shekhar Reddy, Srinivas Reddy and Prem are accused of possessing unaccounted wealth. The trio have also been accused of running a money laundering racket.

[Also Read: Bengaluru IT raids unearth illegal wealth worth Rs 152 crore]

Officials have also seized documents and gathered electronic evidence.A case has been registered and investigations are on.

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