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₹4,663 crore illicit cash recovered post demonetization

Government's crackdown on black money
  • PM Narendra Modi had announced on 8 Nov'16 that old ₹500 and ₹1000 currency notes would be rendered invalid from 12:00 am, 9 Nov'16.
  • The government claimed that the demonetization was a crackdown on black economy and an effort to reduce corruption and stop counterfeiting of bank notes used for funding terrorism.
  • New ₹500 and ₹2000 notes were being circulated from 10 Nov'16.

  • Income Tax Dept. carried out over 400 raids
    IT Department
  • After 8 November, the Income Tax Department in India has carried out 400 investigations (as of 7 Dec).
  • It also referred over 30 cases to the Enforcement Directorate and the Central Bureau of Investigation for further investigation under Prevention of Money Laundering Act (PMLA) and other anti-corruption laws.
  • It also unearthed over ₹2,000 crore in unaccounted income and ₹130 crore in raids across India.

  • Chandni Chowk's Axis Bank branch raided
    On 9 December, the Income Tax department officials in Delhi raided the Axis Bank branch in Chandni Chowk. They discovered that 15 accounts at the branch were fake and over ₹450 crore had been deposited in them.

    Money laundering racket unearthed in Chennai
  • On 8 December, the IT Department unearthed a money laundering racket, seizing ₹105 crore and gold bars worth ₹35 crore from eight premises in Chennai and three in Vellore.
  • On the next day, three men with ₹90cr in old notes and ₹9.63cr in the new ₹2000-notes were also arrested.
  • The IT Department seized 127 kg gold from premises belonging to an industrialist Sekhar Reddy.

  • Sekhar Reddy, a former TTD Board member
    Reddy, a prominent industrialist in Tamil Nadu, was a former member of the Tirumala Tirupati Devasthanam Trust Board. Andhra Pradesh CM Chandrababu Naidu ordered his removal from the board following seizures of gold and huge amounts of cash.

    ₹44cr and 82kgs gold seized in three different raids
    11 Dec 2016
  • Three raids across India yielded over ₹44 crore, including ₹32 crore in new banknotes and 82 kg of gold.
  • The Delhi Police's Crime Branch raided the office of T&T Law Firm's in South Delhi.
  • In Karnataka, the Income Tax Department reportedly raided a hawala dealer in a remote town called Challakere.
  • The IT Department in Tamil Nadu's Vellore raided a businessman Sekhar Reddy.

  • Vellore: The biggest confiscation of black money post-demonetization
    Three Raids
  • About ₹13.65cr, including ₹2.6cr in new currency, from T&T Law Firm were seized; its promoter Rohit Tandon is reportedly absconding.
  • Nearly ₹5.7cr in new notes, 32kg of gold, ₹90 lakh of old notes inside the Challakere hawala dealer's house were seized.
  • ₹24cr in new banknotes and 50kgs of gold from Sekhar Reddy in Vellore were seized - the biggest confiscation of black money post-demonetization.

  • RBI official arrested for alleged involvement in illegal currency exchange
    13 Dec 2016
  • A Senior Special Assistant of Reserve Bank of India has been arrested from Bengaluru by CBI on Tuesday for his alleged involvement in illegal conversion of currency notes.
  • Since the demonetization announcement after 8th Nov, more than Rs. 250 crore have been seized in various raids across the country.
  • Further details on this case are awaited.

  • 4 banks involved in laundering ₹12,357 crore outside India
    16 Dec 2016
  • Data accessed by the Directorate of Enforcement revealed that from January 2014-2016, ₹12,357 crore has been remitted outside India.
  • Altogether 5 cases have been filed against 4 banks, two of which are against Oriental Bank of Commerce, one against ICICI Bank, Bank of Baroda and IndusInd Bank respectively.
  • A statement reads, "Investigations into the cases have prima facie revealed involvement of bank officials."

  • IT department bags ₹2,900 crore black money
    17 Dec 2016
  • Post the demonetization announcement, the income tax department of India carried out 586 raids across the country.
  • These raids yielded more than ₹300 crore in cash seizures, ₹79 crore in new ₹2,000 notes and unaccounted income worth ₹2,600 crore.
  • The state of Tamil Nadu yielded most cash where more than ₹100 crore was bagged in a single raid in Chennai.

  • Banned notes worth ₹250 crore converted into gold
    24 Dec 2016
  • The Income Tax Department on Friday carried out a fresh round of searches on bullion traders.
  • ₹250 crore worth unaccounted sales of gold were discovered.
  • Four bullion dealers in Karol Bagh and Chandni Chowk, New Delhi were interrogated and it is alleged that they exchanged banned currency notes worth ₹250 crore with gold bars in the last few weeks.

  • Now, fake cops and fake note printers
    29 Dec 2016
  • A gang of thieves pretending to be CBI officers stole 40 kgs of gold and ₹1 lakh in cash from Muthoot Fincorp in Hyderabad; the gang told the staff that there were reports that they were laundering people's money as gold.
  • Meanwhile, police recovered a fake note printing machine from Ahmedabad and ₹12.45 lakh in new ₹2000 notes from Kheda.

  • ₹4,663 crore illicit cash recovered post demonetization
    03 Jan 2017
  • The IT department revealed that it has recovered over ₹4,663 crore in illicit cash since the demonetization scheme was announced in November 2016.
  • Sources said "The IT department has also seized ₹562 crore, including ₹110 crore worth new notes, during the raids."
  • The IT department also conducted a total of 253 searches, 556 survey, 289 seizures and enquiry operations since demonetization.

  • This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

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    ₹4,663 crore illicit cash recovered post demonetization


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