I-T Dept Conducts Raids, Seizes Rs 41 Crore in Cash From Vaults 

The taxmen opened lockers over alleged tax evasion.

Updated
India
2 min read
The I-T Department unearths unaccounted cash from private vaults located in Delhi’s Chandni Chowk.
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The Income Tax department seized Rs 5.5 crore in cash from the Faqir Chand Lockers and Vaults in Delhi’s Chandni Chowk on Monday, 10 December, news agency ANI reported. Earlier in the month, the department had seized Rs 25 crore cash from the same private vault.

The raids by the I-T department have been ongoing since 31 October. Rs 5.4 crore in cash was also seized from five other lockers around the Chandni Chowk area on Wednesday, 5 December.

With the fresh raids by I-T on 10 December, the total amount of cash seized stands at Rs 41 crore. 175 lockers are yet to be opened, ANI quoted officials as saying.

The taxmen opened lockers over alleged tax evasion, and the facility was under the radar of the I-T department since Diwali, news agency PTI reported.

Faqir Chand lockers and vaults, sources said, is run by a businessman based in old Delhi and had an RBI approval to run the private facility.

It has about 300 lockers, and traders from the Khaari Bawli, Chandni Chowk and Naya Baazaar area had their cash and jewellery deposited in these vaults.

The survey action was launched over allegations of tax evasion by certain people who are reported to have kept their illegal stash in private vaults.

"However, the case is still under investigation and more vaults are to be examined," a senior I-T Department officer told PTI.

A trader involved in the running of Faqir Chand Lockers and Vaults told the media that it was approved by the RBI in 1992, and he denied any wrongdoing or illegal business being done to evade income tax.

(With inputs from ANI and PTI)

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