Income Tax Department seizes Rs 1 crore in cash.
11 May, 2023
From a Kanpur businessman's premises, the income tax department seizes Rs 1 crore in cash.
Tuesday saw a raid by the IT Department on the house and workplace of
25 kg of gold and nearly Rs 1 crore in cash were seized.
The raid's most shocking result was that authorities found 20-rupee notes worth Rs. 1.25 lakh.
The remaining funds were in 50 and 100 rupee notes.
Gupta said to authorities that he operated a business of currency exchange.
But he was unable to provide any supporting documentation for this statement of fact.
The Income Tax team is currently looking into whether Gupta's company has any connections to "hawala" or not.
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