Rs 10 cr seized during IT raids at bizmen’s house, searches

continuing for 2nd day
Chennai, December 20
Continuing its drive against black money hoarders,officials of the Income Tax department raided the office and residential premises of a businessman and seized Rs 10 crore demonetised notesand six kg gold at Sowcarpet in North Chennai last evening. IT department sources said the raids were continuing for the second day today, while reports said that during the raids property documents worth several crores in the name of the businessman and his family members were also reportedly seized during the searches. Raids were conducted at three places belonging to Arjun Kumar Hirani, an imitation gold jewellery businessman in Sowcarpet and Periamet, based on a tip-off that some people in North Chennai were involved in exchanging old currency notes. After the seizures, Hirani was detained for questioning to ascertain whether he was involved in any hawala business. Sources also said the ongoing searches at Hirani’s properties were not connected with the raids conducted last week at the premises of State Public Works Department contractor Sekhar Reddy and his associates. IT department sources said the raids were expected to be intensified in the coming days as the deadline to exchange demonetised currency notes was soon nearing. The officials were maintaining a strict vigil to identify those depositing cash in large amounts or exchanging them for gold jewellery.

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