The Income Tax department has seized a significant amount of assets, including cash, gold, diamond jewelry, and luxury watches, valued at over Rs 102 crore. These seizures resulted from a series of raids conducted on government contractors and real estate developers in Karnataka and several other states.
The extensive searches were initiated on October 12, and a total of 55 locations were targeted by the Income Tax department in Bengaluru and various cities spanning Telangana, Andhra Pradesh, and Delhi.
The Central Board of Direct Taxes (CBDT) disclosed in a statement, "The search has resulted in the seizure of unaccounted cash amounting to approximately Rs 94 crore and gold and diamond jewelry valued at over Rs 8 crore, totaling more than Rs 102 crore."
In addition to the substantial cash and jewelry seizures, approximately 30 high-end foreign-made luxury wristwatches were discovered during the operation. These watches were found at the premises of a private salaried employee, who was not associated with the wristwatch business. The CBDT did not specify the identities of the entities involved in these incidents.
The CBDT is the authority responsible for shaping policies for the Income Tax department. The raids and subsequent seizures are part of ongoing efforts to curb tax evasion and uncover unaccounted wealth in various sectors.
Also read | 14km in 13 min: Bengaluru cops create fastest green corridor for heart transplant of 7-year-old girl
Also read | Karnataka: IT raids locations linked to former corporator, recovers cash stashed under bed
