The income tax department said they had seized nearly Rs 2,000 crore of undeclared income till Dec 6.
Chennai: Income Tax department officials on Thursday has raided eight locations in Chennai including Anna Nagar and T Nagar and have recovered Rs 90 crore in cash of which 70 crores were in new notes.
According to an ANI source, the officials had also seized about 100 kgs of gold worth Rs 29 crore during the raids on the homes of jewellers in the city.
The Income-Tax department had exposed that it found undisclosed income worth Rs 2,000 crore during nationwide raids and the searches that also yielded Rs 130 crore in cash and jewellery after the Centre’s demonetisation decision a month ago.
The department has taken swift investigations into more than 400 cases after the November 8 decision to scrap Rs 500 and Rs 1,000 banknotes.
The Central Board of Direct Taxes (CBDT) has found serious irregularities beyond the purview of the I-T Act and decided to refer such cases to the Enforcement Directorate (ED) and the CBI to examine the criminal conduct and ensure immediate and necessary action.
Over 30 such references have already been made to ED, and cases are also being sent to the CBI. The Centre got information of several places where the old currency notes were being exchanged at a discount and are even being used to purchase the gold.