Rs 610000000 black money in cash, gold found in Pvt lockers..VIDEO

New Delhi, Jan 11: The Income Tax Department today seized gold jewellery, bullion and cash valued at more than Rs 20 crore as part of its anti-black money drive against illegal private vaults operating in the national capital. With the latest seizure, the total value of these alleged tainted funds has risen to over Rs 61 crore.

Last week, the department seized unaccounted cash and bullion valued at Rs 41 crore from multiple lockers located in a private vault in the South Extension area of Delhi.
Sources privy to the operation said I-T sleuths have recovered Rs 16 crore in cash, bullion worth Rs 2.35 crore and jewellery worth Rs 1.01 crore and a few other gold items totalling Rs 20.04 crore after they opened another private vault in the facility over the last two days.The assets allegedly belong to a builder and a gutkha trader based in the national capital.

A total of four such vaults, belonging to individuals and entities, have been opened till now, they said. They said that the department initiated proceedings for tax evasion and under the benami assets law against the illegal vault holders. "The case pertains to cases of black money detected post demonetisation and some others being probed under the new anti-benami law. The lockers are now being opened and unaccounted assets seized," a senior official said.
The assessees did not allegedly declare these assets to the taxman and concealed them in these vaults.

The private lockers or vaults, that operate like normal bank lockers, are illegal and not recognised under the law.