Income Tax Department conducts search operations in Patna, Sasaram, Varanasi; cash of Rs 1.25 cr seized
On the basis of actionable intelligence received, the Income Tax Department on Tuesday (October 6, 2020) conducted search operations in Patna, Sasaram and Varanasi and seized cash of Rs 1.25 cr from a person involved in the business of mining and hotel industry.
The search was also reportedly conducted in the case of a Chairman of a large cooperative bank.
"Unexplained cash totalling up to Rs 1.25 crore has been seized, while FDRs worth Rs 6 crore have been placed under prohibitory orders," said the official statement.
During the search, an amount of Rs 75 lakh was found in a car belonging to this person and subsequent investigations led to the finding that this amount was unaccounted and was also linked to the Chairman of a cooperative bank.