I-T dept seizes Rs 58 crore cash, 32 kg gold in raids conducted in Maharashtra

The Income Tax department recovered Rs 58 crore cash, 32 kg gold in raids conducted on the premises of an industrialist in Maharashtra’s Jalna and Aurangabad.

The Income Tax department conducted raids on the premises of a steel, cloth merchant and real estate developer in Maharashtra from August 1 to 8. The officials have seized illegal property worth Rs 390 crore, including Rs 58 crore unaccounted cash and 32 kg gold.

The Income Tax department’s Nasik Wing, in the first week of August, conducted searches at offices and residences of an industrialist in Jalna and Aurangabad cities.

According to the information from sources in the Income Tax dept, assets worth Rs 390 crore, including Rs 58 crore unaccounted cash and 32 kg gold, have been attached.

The department took 13 hours to count the seized cash. As many as 260 officers and employees from across the state were involved in the proceedings. All these officers were divided into five teams.