Rs 8 crore seized, Rs 1 crore found in water tank during tax raid in MP trader's home

Madhya-Pradesh based liquor businessman Shankar Rai’s house was raided by the Income Tax Department on Thursday. The IT Department found cash worth over Rs 8 crores. The notes were spotted hidden in a bag kept in an underground water tank.

Following this, two videos have gone viral on the internet which show details of the raid. One of the videos shows the income tax officials drying cash. Besides the huge amount collected as notes, jewellery worth Rs 5 crore has also been seized.

Madhya Pradesh | Income-tax department conducted a raid at the premises of local liquor businessman Shankar Rai and his family in Damoh yesterday

Details awaited pic.twitter.com/Nn538l5O2B

— ANI (@ANI) January 8, 2022

As revealed by the Joint Commissioner of Income Tax Department, Jabalpur – Munmun Sharma, "The Income Tax Department has seized ₹ 8 crore in cash from the Rai family which also included a bag containing ₹ 1 crore in cash stuffed in a water container. Besides, three kilograms of gold was also confiscated”.

The raid, conducted early morning on Thursday, lasted for over 39 hours. Officials form the IT department raided over ten premises owned by Shankar Rai and his family in Madhya Prades’'s Damoh district.

As unveiled after the raid, Mr Rai’s family has nearly three dozen buses in the name of employees.

After completing the operation, the Joint Commissioner affirmed that investigation would continue based on the documents seized from the Rai family which will be done in Bhopal. "The department will now investigate the seized documents and unnamed properties. So, we will have to wait for the final figure", added the Joint Commissioner.

Meanwhile, the IT department as announced a reward worth Rs 10,000 to anyone giving more information on assets of the family.