I-T raids: Rs 5.4 cr seized from private vault, total seizures exceed Rs 30 cr

NEW DELHI, DEC 5 (AGENCIES) | Publish Date: 12/5/2018 12:23:20 PM IST

Income tax officials seized Rs 5.4 crore more in cash from lockers sealed at a private vault run from Old Delhi area of Chandni Chowk on Wednesday while 100 more lockers are yet to be examined. So far, the total cash seizures from these lockers have exceeded Rs 30 crore, a TOI report stated.

Sources said summons have been issued to businessmen who have been operating these lockers rented at a private establishment in the wholesale market of the Old Delhi’s business hub. Many of the lockers didn’t have proper names and addresses, making the task of I-T officials difficult to identify the actual beneficiaries.

Searches over the weekend had yielded Rs 25 crore in unaccounted cash by opening 39 lockers till late Monday evening. Between Tuesday and Wednesday afternoon, officials reopened five more lockers and seized Rs 5.4 crore in unaccounted cash.

Businessmen who have claimed ownership of these lockers have been asked to come with their books of accounts and other documents to justify the cash stash, if they are generated through legitimate business operation. Only unaccounted cash being seized by I-T officials, sources said.

Verification of all the lockers will take more than a week, a senior I-T official reiterated. In January this year, the I-T investigation unit had carried out similar searches on a private vault in South Extension in Delhi where over Rs 85 crore of unaccounted cash and jewellery were unearthed. The cash seizure from the South Extension vaults was Rs 41 crore.

Income tax intelligence indicated presence of hundreds of such private vaults in the national Capital where no KYC (Know Your Customer) guidelines are followed.


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