Massive IT Raids across Country

New Delhi : Raids are being carried out across the country by the Income Tax Department in the wake of the burgeoning fake currency racket post demonetization, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
Over Rs. 3 crore in banned currency were found in a hotel in central Delhi this morning, packaged to escape detection at airports. The money was to be flown to Mumbai and allegedly belongs to hawala operators. Five people were caught Rs. 3.25 crore. The cash was kept in different suitcases and a cardboard box. Officials of the Income Tax department and the Delhi Police jointly raided the hotel after a tip-off that people working as couriers for illegal money transfer operations were preparing to move a huge amount of cash to Mumbai.
Meanwhile Rs 2.25 crores has been seized in Bengaluru by the IT Department in new currency, while Rs 68 lakh has been seized in Panjim. In Faridabad, four were arrested with new currency of over Rs 25 lakh in the new Rs. 2000 notes. In Chandigarh also, Rs 2.18 crore in both new and old currency were seized by Enforcement Directorate (ED) on Wednesday. The raid conducted by ED in Chandigarh yielded undeclared money in different denominations amounting to Rs 2.18 crore. Out of the confiscated money, Rs 17.74 lakh were in newly issued currency notes and Rs 52 lakh in Rs 100 denominations.(Agencies)