IT raid in Delhi: Rs 13.56 crore recovered from law firm, Rs 2.6 crore of total seizure is in new notes

Money seized in raid (representational image)

New Delhi, Dec 11: The Income Tax department carried out a massive raid in South Delhi on Saturday night, recovering a total of Rs 13.56 crores. Out of the stated amount, Rs 2.6 crore was seized in new notes of Rs 2000. The raid was reportedly conducted by IT department at T&T law firm in Greater Kailash region. According to reports, nearly Rs 8 crore was seized from the firm. The IT sleuths, upon obtaining more leads in the case, raided the residence of a lawyer associated with the firm. From his house, the remaining amount was recovered.

Dozens of raids have been conducted by the IT department following the demonetisation move by Prime Minister Narendra Modi. In a major catch on Saturday, nearly Rs 24 crore was seized from Tamil Nadu’s Vellore. A substantial amount seized by the IT department was found in new currency notes.

Raids were also conducted in Axis Bank branch of Delhi’s Chandni Chowk area over the past couple of days. Nearly 44 fake accounts were found, which were created to deposit scores of black money in proportions not exceeding Rs 2.5 lakh. Black money hoarders have resorted to such strategies in order to evade the tax which would be imposed by government on unaccounted deposits above Rs 2.5 lakh.

While huge amount of new notes continue to be seized in raids across different parts of the nation, the cash crunch in market still remains for the common man. The lines outside ATMs and bank branches remain intact, especially in rural areas. The lack of legal tender has adversely affected small traders, farmers and labourers.

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