The Income Tax department on Friday announced the total seizure in raids carried out on three individuals in Chennai on Thursday. The raid saw the recovery of Rs 170 crore in cash, comprised of new and old currency notes, and 130 kilograms of gold in total.
One of those raided is a member of the Tirupati Tirumala Devasthanam board. Sekar Reddy, a man known to be close to politicians and bureaucrats in Andhra Pradesh, Telangana and Tamil Nadu, was raided by IT officials. Two others, Srinivas Reddy and Prem, were also raided on Thursday.
The trio is learned to be part of a notes exchange racket. The haul was found after searches in eight locations including officers, shops and residences of the accused.
Initial reports suggested that Rs 90 crore and 100 kg of gold was found in possession of the trio but revised calculation by the IT sleuths sprang up this number. This remains the biggest haul of illegally hoarded wealth since the demonetisation announcement on November 8.
Sources from the Andhra Pradesh government reveal that Sekar Reddy will be removed from the TTD board if his role in the racket is proved.