Goldmine for Income Tax department

Raids yield 15.32 crores in five years

Hyderabad, December 1, 2006

The investigation wing of the Income Tax Department of Andhra Pradesh Region has achieved the highest seizure of Rs. 15.32 crores since the inception of the directorate. The Director General of Income Tax (Investigation) Muntasir Ahmed told media on Friday that the total seizure during the last eight months included Rs. 13.14 crores in cash, Rs. 1.47 crores in worth of Gold and while other assets were valued at Rs. 70.52 lakhs.

He said a record sum of Rs. 3 crores was seized in a raid on the premises of a real estate developer in the Hyderabad on Thursday night. Raids on relaters in Hyderabad, Vijayawada, Visakhapatnam, Vizianagaram and Tirupati resulted in seizure of a large unaccountable cash and documents. He referred to the recent recovery of Rs. 2.88 crores from an hotelier at the Hyderabad airport in which the Managing Director of an hotel chain and two others including an IAS officer were involved. He said that the IAS officer belonged North East cadre.

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