Income Tax dept confiscates Rs 15 crore cash, Rs 5 cr diamond jewellery in Bengaluru

Unaccounted cash and diamond studded jewellery worth Rs 20 crore were seized on May 4 during raids conducted by the Income Tax Department officials in Karnataka.

Bengaluru (Karnataka): Unaccounted cash and diamond studded jewellery worth Rs 20 crore were seized on May 4 during raids conducted by the Income Tax Department officials in Karnataka. The ill-gotten assets were confiscated in the Income-Tax raids carried out in Bengaluru and Mysore cities. On Saturday, officials from the Income Tax department, said, "As the Karnataka assembly poll is drawing closer, Income-Tax raids are being intensified. Till date, illegal assets running into several crores of rupees were seized during the raids in the state."

On May 4, unaccounted assets worth Rs 20 crore were found to be stockpiled by the various financiers, which meant for distribution among people as freebies to grab their votes. As per the information received from sources, during the search operation conducted on May 4, officials from the I-T department stumbled upon ill-gotten cash worth Rs 15 crore and diamond-studded jewellery worth Rs 5 crore hoarded by financiers belonging to Bengaluru and Mysore cities.

The Income Tax Department in a press release stated that these searches were conducted at different places in Bengaluru such as Shantinagar, Cox Town, Shivajinagar, RMV Colony, Cunningham Road, Sadashivanagar, Kumarapark West, Fairfield Layout and others. So far, cash and valuables worth Rs 330 crore had been seized by the I-T officials to put a check on illegal funding during Karnataka assembly polls 2023.

Sources said that cash worth Rs 300 crore was seized from the financiers, which was meant for distribution among voters as freebies. Bengaluru accounted for the highest number of seizures among other districts of Karnataka. In Bengaluru alone, more than Rs 82 cores of cash and materials were confiscated.