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I-T sleuths seize Rs 34 lakh from company MD
March, 26th 2007
Officers of the Directorate of Income-Tax (Investigations) apprehended managing director of a Hyderabad-based power and infrastructure company and seized Rs 34 lakh in cash at the Begumpet airport.

The Director-General of Income-Tax (Investigations), at Hyderabad, Mr M. Ahmed, said that this was a qualitative catch and could potentially lead to other areas of operation and also as to why such a large amount was being carried in the aircraft.

Unaccounted Money

Addressing a press conference to announce the development, Mr Ahmed refrained from divulging the name of the company or its Managing Director. Tracing the events leading to seizure of cash at the airport, he said that the baggage booked in New Delhi-Hyderabad flight had actually bypassed Hyderabad and was carried on board to Chennai.

The company Managing Director became restless about the non-delivery of the baggage.

Later, when he received the baggage from Chennai, I-T sleuths caught up with the official.

After several hours of interrogation of the official, Mr Ahmed said that the company Managing Director accepted that the money was unaccounted.

All necessary steps in such cases including prosecution would be initiated, he added.

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