TN: IT seizes Rs 1.63-bn cash, 100-kg bullion after raids at contracting co

In one of the biggest recoveries till date, the Income Tax (IT) department has seized Rs 1.63 bn cash and about 100-kg bullion, following raids at multiple premises of a road construction firm in Tamil Nadu, officials said today.

The searches were launched yesterday at the premises of Ms SPK and Company, a partnership firm engaged in roads and highways construction on contract from the government.

"About Rs 1.63 bn cash, which is suspected to be unaccounted, and bullion and gold jewellery weighing about 100 kg have been seized so far. The raids are still going on," a senior official of the IT department said.

Officials said the seizure was probably the biggest so far in raid operations anywhere in the country.

The department had seized over Rs 1.1 bn cash following raids at the premises of a mining baron in Chennai post demonetisation in 2016.