Maharashtra: I-T department seizes Rs 58 crore cash; 32 kg gold during Jalna raid; took 13 hours to count

Jalna raids: The Income tax department has seized around Rs 58 crore in cash and assets worth Rs 390 crore after it raided a Maharashtra-based business group engaged in steel and real estate, officials said on Thursday (August 11).

The raids were launched last week on the business entity based in Jalna district after actionable inputs of alleged tax evasion were received against it, officials added.

It took around 13 hours for the I-T department to calculate the total amount seized. 12 note-counting machines were used in the entire procedure of raids. 

The raids were conducted on several companies- SR Steel, Kalika Steel, One Co-operative Bank, Financier Vimal Raj Bora and Dealer Pradeep Bora etc. 

More than 120 vehicles were used in which the teams of officials were divided into five during raid.  260 officials of I-T dept (Nashik branch) were involved in the raid. 

The raids were conducted between August 1 to August 8 at the residential and official premises linked to two business groups dealing in steel, clothing, and real estate.

The source said that the cash recovered from the premises of garments and steel businessman was taken to Nasik branch of State Bank of India, where it was counted for hours. The bank employees started counting the cash at around 11 a.m., which went on till 1 a.m.

The I-T department got the tip-off that there were irregularities in the accounts of four steel companies after which the teams swung into action.

I-T department conducted recce for around 2-days before running the final raids. The officials also gathered information through their sources on the same. 

Documents and digital data have also been seized. More details are awaited in this regard. 

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