I-T cracks down on cash hoarders, recovers 20 crore

NEW DELHI: The income tax department carried out several searches in Bengaluru, Hyderabad and Punjab over the last three days and seized over Rs 20 crore in cash.
In poll-bound Karnataka, Rs 10 crore was recovered, officials said. The tax department said unaccounted cash of Rs 4.01 crore and unaccounted 6.5 kg jewellery were seized during searches on three prominent PWD contractors in Bengaluru, Davangere and Mysuru on Thursday.The department has stepped up intelligence gathering in the state and neighbouring Goa.
The contractors were awarded jobs between January and March 2018. Information was received regarding substantial bank transfers followed by big cash withdrawals, sources said.
In the Hyderabad region, searches conducted by tax authorities on two realtors led to the seizure of Rs 5.10 crore in unaccounted cash.
In a raid in Khanna, Punjab, on a group engaged in manufacture and sale of cattle feed, cash amounting to Rs 2.62 crore was seized along with jewellery and bullion worth Rs. 66.49 lakh.
The ongoing drive by the tax department is against cash hoarders after several states reported shortage of money in ATMs.