Income-Tax officials’ investigation in Chennai today led them to a cache of crores of rupees and gold bullion.
An I-T official said, “We are in the process of seizing ₹90 crore of cash and 100 kg of gold bullion from eight premises in Chennai.”
At today’s prices, the value of the gold is about ₹27 crore.
The premises are associated with three individuals — K Srinivasulu, Premkumar and Sekar Reddy — with diverse business interests, said the official.
While declining to disclose further details as the investigations are on, the searches and raids followed extended investigations, follow up and monitoring.
“We were maintaining a watch on some people and based on their movements we took action,” the official said.