Bengaluru: Income Tax dept seizes Rs 5 crore cash in new and old currency

 In one of the biggest seizures of new currency, the Income Tax department on Thursday confiscated Rs 5 crore in searches against at least two individuals in Bengaluru.

Officials said the searches were launched on the premises of an engineer and a contractor. The sleuths of the department seized over Rs four crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits, they said "Huge stacks of Rs 2000 notes have been recovered. The cash is amounts to over Rs four crore. The counting of the seized currency is still on.

#UPDATE Raid in Bengaluru by IT Dept: Rs 4.7 crores seized in Rs
2000 notes& 30 lakhs in old/smaller denominations totalling to Rs 5 crores pic.twitter.com/ZN7OCx0gPS

— ANI (@ANI_news) December 1, 2016

"This is one the highest seizures of the new currency. Some entry operators and bankers are under the scanner," a senior I-T department official said. They said the department has also found a number of identity cards of various individuals from the searched premises which could have been used to illegally change the old currency with new ones.