In one of the biggest seizures of new currency, the Income Tax department on Thursday confiscated over Rs 4 crore in searches against at least two individuals in Bengaluru.
Officials said the searches were launched on the premises of an engineer and a contractor.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2,000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits, they said.
ANI reported that about seven kilograms of gold was recovered.
Huge stacks of Rs 2000 notes have been recovered. The cash amounts to over Rs 4 crore. The counting of the seized currency was still on.
"This is one of the highest seizures of new currency. Some entry operators and bankers are under the scanner," a senior I-T department official said.
They said the department has also found a number of identity cards of various individuals from within the searched premises, which could have been used to illegally change the old currency to new notes.