Demonetisation: 20 per cent of seized illegal assets from Karnataka

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Around 20 per cent of the Rs 3,000 crore-worth illegal wealth that has been seized in raids by the income tax department since demonetisation has been from Karnataka. 23 of the 48 cases referred by the department are from Karnataka contributing to almost half of the cases of illegal asset hoarding that have been unearthed.

[Also Read: Rs 1,000 crore seized from K'taka, Goa since demonetisation]

Most of the seizures have been in bullion or new currency notes. Most cash recovered has been in Rs 2,000 denominations. The department has seized total cash of Rs 29.86 crore since November 9, out of which Rs 20.22 crore is in Rs 2,000 denomination. The total seizure of bullion stands at 41.6 kilograms and jewellery amounts to 14 kgs.


Officials said that Karnataka's capital, Bengaluru ranked top on high value transactions. A total of 2,47,002 high value transactions have been reported from the city between 2010 and 2016.
The Director General of Income Tax, Karnataka and Goa had claimed that illegal assets worth over Rs 1,000 crore was seized from its jurisdiction alone. In Karnataka, government officials and bankers were under the radar of the IT department. A total of 36 cases have been filed from Karnataka and Goa put together since November 8 announcement on demonetisation.

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