Income Tax Department seizes Rs 1 crore in cash.

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From a Kanpur businessman's premises, the income tax department seizes Rs 1 crore in cash.

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Tuesday saw a raid by the IT Department on the house and workplace of
Kanpur businessman
Sanjay Gupta.

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25 kg of gold and nearly Rs 1 crore in cash were seized.

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The raid's most shocking result was that authorities found 20-rupee notes worth Rs. 1.25 lakh.

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The remaining funds were in 50 and 100 rupee notes.

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Gupta said to authorities that he operated a business of currency exchange.

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But he was unable to provide any supporting documentation for this statement of fact.

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The Income Tax team is currently looking into whether Gupta's company has any connections to "hawala" or not.

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