Officials in Bangalore seize Rs 4 crore in new currency notes

BANGALORE: In one of the biggest seizures involving new currency, the Income Tax department confiscated over Rs four crore on Friday, in searches against at least two individuals in Bengaluru.

Sleuths of the IT department seized over Rs four crore in new currency, mostly in denomination of Rs 2,000, some notes of Rs 100, and also demonetised notes of Rs 500 and a few gold biscuits, they said.

“Huge stacks of Rs 2,000 notes have been recovered. The cash amounts to over Rs four crore. The counting of the seized currency is still on. This is one the highest seizures of new currency. Some entry operators and bankers are under the scanner,” a senior I-T department official said.

They said the department has also found a number of identity cards belonging to various individuals from the searched premises, which could have been used to illegally change the old currency with new ones.