Karnataka: I-T dept seizes Rs 94 cr cash, jewellery after raids on govt contractors, realty developers

The CBDT Monday said the Income Tax department has seized Rs 94 crore cash, gold and diamond jewellery worth Rs 8 crore and 30 luxury watches of foreign make after raiding some government contractors and real estate developers in Karnataka and some other states.

The searches were launched on October 12 and a total of 55 premises were covered by the department in Bengaluru and some cities in Telangana, Andhra Pradesh and 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.

”Further, a cache of about 30 luxury wristwatches of foreign make were unearthed from the premises of a private salaried employee, not engaged in the business of wristwatches,” it said without identifying the accused entities.

The Central Board of Direct Taxes frames policies for the Income Tax department.