Demonetisation: Rs 10 crore, 6 kg gold seized by IT in Chennai

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Officials from the income tax department seized Rs 10 crore in demonetised currency notes and six kilograms of gold in Chennai. The unaccounted wealth was recovered from an imitation jewellery shop owner. Raids conducted in properties at Periyamet of Chennai led the officials to the unaccounted wealth. Furthur investigations are on in the case.

[Also Read: In Chennai Income Tax raids, Rs 170 crore cash, 130 kg gold unearthed]

Around six kg of gold was recovered in the form of bars from the merchant. This is the second biggest haul in Chennai after raids at residences and offices of three businessmen including one former member of Tirupati Tirumala Devasthanam.


Income tax officials in Chennai had previously found Rs 170 crore in cash and 130 kg of gold in Chennai in addition to Rs 24 crore in Vellore after raids on three businessmen on December 8. Following the raids, the Andhra Pradesh government had suspended one of those raided, Sekar Reddy, from the board of TTD. The Income Tax Department suspected that the trio was part of a money laundering racket.

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