At the conclusion of searches that began on October 12 at as many as 55 premises in Karnataka, Telangana, Andhra Pradesh and Delhi, connected to alleged illegal wealth generated by civil contractors and real estate players, the Income Tax department has reported the seizure of Rs 94 crore in cash and jewellery of over Rs 8 crore.
The IT department searches obtained a political colouring over the last three days with the opposition BJP and JD(S) in Karnataka suggesting that the large amounts of cash – Rs 42 crore and Rs 52 crore found at two premises in Bengaluru – were linked to the ruling Congress in the state and that the cash was meant to finance the elections in five states next month.
Karnataka Deputy Chief Minister D K Shivakumar, who is also the minister in-charge of Bengaluru development, has suggested that the searches and allegations are politically motivated and that no IT searches are carried out in BJP-governed states.
“The search has resulted in the seizure of unaccounted cash of approximately Rs 94 crore and gold and diamond jewellery of over Rs 8 crore, aggregating to more than Rs 102 crore. Further, a cache of about 30 luxury wristwatches of foreign make was unearthed from the premises of a private salaried employee, not engaged in the business of wristwatches,” the IT department said Monday through the Central Board of Direct Taxes
