I-T raids two business groups in Ahmedabad; recovers Rs 7-cr cash

AHMEDABAD/NEW DELHI: The Income Tax department has recovered about Rs 7 crore cash and identified over a dozen bank lockers for seizure after it raided two business groups in Ahmedabad on Wednesday, officials said.

While the officials did not identify the two entities, they said the first is a land broker and investor group and the other is a financier house that operates from Gujarat’s capital city.

A total of 16 premises, including eight residential locations, were searched by a team of about 100 tax and police sleuths, they said.

Unaccounted cash of about Rs 7 crore has been found and thirteen bank lockers in the name of various family members of the business groups have been detected and will be put under restraint soon, they said. (AGENCIES)