Over 5 crore unaccounted assets seized in IT raids

Kochi, Nov 22 (UNI) The Income Tax Department had unearthed unaccounted assets worth over Rs 5 crore in various raids conducted on 12 tax-payers during this fiscal in the state.

According to an official release here today, unaccounted assets worth Rs 5.16 crore were recovered in raids conducted in bar hotels, private hospitals, quarry, rice mills and glass business till November 15.

In the raids, cash worth Rs 240 lakhs, jewellery worth Rs 114 lakhs, and FDs and Kisan Vikas Patra for Rs 162 lakhs were seized, the release added.

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