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160 crore cash, 100 kg gold seized by Income Tax Department

100 kg gold seized

Chennai: Surprising the income tax officials, Rs 160 crore cash and about 100 kg bullion was found after raids at several premises of a road construction firm in Tamil Nadu.

The Income Tax Department yesterday conducted searches on a total of 22 premises of Ms SPK and Company, a partnership firm engaged in road and highway construction.

“About Rs. 160 crore cash, bullion and gold jewellery weighing about 100 kg has been recovered so far. The raids are still on and these figures may further go up,” a senior official said adding the cash was kept in big travel bags and in parked cars.

The recovered money is suspected to be unaccounted.

It is probably the highest so far in a raid anywhere in the country. The Chennai investigation wing of the department is conducting the operation following evidence of suspected tax evasion by the firm and its associates.

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