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Assets worth Rs 15.35 cr seized in AP
December, 02nd 2006

Assets worth a record Rs 15.35 crore have been seized from 29 group cases during the first six months of the current financial year by the Investigation Wing of the Income Tax, Andhra Pradesh region.

The break up includes cash of Rs 13.14 crore, bullion/jewellery worth Rs 1.5 crore and other assets worth Rs 71 lakh. This is the highest for the wing so far, said Mr Muntasir Ahmed, Director General of IT (Investigation).

RAIDS

The IT (Investigation) Wing has conducted searches across several lines of trade, business and professions such as builders and real estate, bulk drug manufacturers, infrastructure developers, money lending and chit fund agents, entertainment, hotel, traders in novelty items etc. he told newspersons on Friday.

The searches were also across the State in Hyderabad, Visakhapatnam, Vijayawada, Tirupathi, Srikalahasti, Vizianagaram among others.

The biggest seizure so far has been worth Rs 3 crore in the case of a real estate developer. Further investigations were continuing. Similarly, in another case at Begumpet Airport, a seizure of cash totalling Rs 2.88 crore was made on October 19, 2006, he said.

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