Thursday, December 8, 2016
The Income Tax department officials on Thursday busted a money laundering racket and seized Rs.120 crore in demonetized notes, new currency and gold.
According to IT officials, three associates – Sekhar Reddy, Srinivasa Reddy and Prem were involved in these transactions. Around 100 taxmen were deployed for the operation. Sekhar Reddy is a member of TTD Trust Board. The IT officials unearthed Rs.80 crore in demonetized Rs.500 and Rs.1,000 notes and also found Rs.10 crore in the new Rs.2,000 notes. They also seized 100 kg of gold. The estimated cost of the gold seized is said to be Rs.30 crore.
The IT officials conducted searches at eight locations including Anna Nagar, Thyagaraya Nagar and Teynampeta. Seven counting machines were used to count the seized cash. The raids are still continuing said IT sources.