Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 09 December, 2016.

PRESS RELEASE

The Investigation Directorate of Income Tax Department at Chennai conducted searches on 08.12.2016 in the case of a group engaged in sand mining. The group has sand mining licence for the entire state of Tamil Nadu. Eight premises (six residential & two offices) were covered in the search. During the search, ₹ 96.89 crore cash in Old High Denomination Notes and ₹ 9.63 crore in new ₹ 2000 currency notes along with gold weighing 127 kgs worth approximately ₹ 36.29 crore were found and seized, as unaccounted assets.

The search is still in progress at 4 out of total 8 premises. More specific details including modus-operandi would emerge after examination of the documents and other evidence detected during the search.

(Meenakshi J.Goswami)  

Commissioner of Income Tax  

(Media and Technical Policy)

Official Spokesperson, CBDT.

Seizure of unaccounted assets after searches in a sand-mining investigation, with evidence examination continuing. The Income Tax Department conducted coordinated searches against a sand-mining group across eight premises and seized large amounts of cash in old and new high-denomination notes and substantial gold holdings as unaccounted assets; searches at four locations continued and further examination of recovered documents and evidence was stated to be necessary to establish modus operandi and support the ongoing tax investigation.