Bengaluru: One of the objectives of demonetisation was to unearth the hoards of black money stored in old currency notes of high value. However, three weeks after the new currency notes were introduced to replace the invalidated ones, the same unscrupulous people have already found a way to short circuit the government's objective. In the biggest seizures of new currency, the Income Tax department confiscated over £600,000 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 £60,0000 in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetised notes of Rs 500 and bullion of 7 kg approximately and jewellery in excess of 7 kg were found. Out of the cash found, £470,000 is in new currency of Rs 2000 notes.
In addition, several property documents were also found and seized. It was also noticed that these persons are in possession of high end luxury cars. "Huge stacks of Rs 2000 notes have been recovered. The cash amounts to over Rs 6 crore. The counting of the seized currency is still on," a senior IT official said.
"This is one the highest seizures of the new currency. Some entry operators and bankers are under the scanner," the official said. The IT officials further said that the department had 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.
