[ad_1]
By Simer Chawla: Several teams of the Income Tax Department on Tuesday raided a Kanpur businessman Sanjay Gupta’s house and office and seized over Rs 1 crore cash and 25 kg of gold.
The Income Tax (IT) officials reportedly conducted the raid at Sanjay Gupta’s house and office on Halsey Road at 5 am.
The surprising fact about the raid was that officials recovered 20-rupee notes worth Rs 1.25 lakh. The rest of the cash was available in 50 and 100 rupee notes.
Due to the substantial amount of notes, officials had to use nine counting machines and 12 bags were brought to store the seized cash.
Gupta told officials that he had a business of currency notes exchange. But he was unable to show any documents to prove this claim.
ALSO READ | UP businessman Piyush Jain caught with Rs 200 cr gets GST notice of Rs 497 cr
The raids were carried out after IT officials received information about huge cash deposits at Gupta’s residence. When questioned by the IT officials, Gupta was unable to show any liability or proof of his business.
The Income Tax team is now investigating if Gupta’s business is linked to ‘hawala’ – an informal transfer of money domestically or internationally through brokers instead of banks.
[ad_2]
