IT Dept Seizes Rs 94 Cr Cash, Jewellery Worth Rs 8 Cr From Govt Contractors, Developers In Karn

The Income Tax department has seized Rs 94 crore in cash as well as gold and diamond jewellery worth Rs 8 crore and 30 luxury watches following raids on government contractors and real estate developers in Karnataka and some other states, the CBDT said on Monday.

The searches were launched on October 12 and 55 premises were covered by the department in Bengaluru and some cities in neighbouring Telangana and Andhra Pradesh as well as in Delhi.

”The search has resulted in seizure of unaccounted cash of approximately Rs 94 crore and gold and diamond jewellery of over Rs 8 crore, aggregating to more than Rs 102 crore,” the Central Board of Direct Taxes said in a statement.