Assets worth 10.50 crores seized from tea seller-turned-financier in Gujarat

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The Income Tax department has seized alleged unaccounted assets worth Rs. 10.50 crore from a tea seller-turned-financier after raids were conducted against him in Surat as part of the anti-black money crackdown post demonetisation.

Income Tax department

The department, which conducted the searches on Saturday at the tea seller’s premises, recovered Rs. 1.45 crore worth of cash, with Rs. 1.05 crore in new currency, bullion worth Rs. 1.49 crore, gold jewellery valued at Rs. 4.92 crore, other ornaments worth Rs. 1.39 crore and silver ingots priced at Rs. 1.28 crore.

“The total value of the assets seized from the financier, who earlier worked as a ‘chaiwala’, is Rs. 10.50 crore,” Income Tax sources said as they refused to reveal the identity of the person citing ongoing probe.

They added that while 13 of his bank lockers have been opened till now, four more are in the process to be opened and the expected seizure of assets may increase.

The sources added that the interception was made in the city as part of taxman’s anti-black money probe post demonetisation.

(With inputs from PTI)

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