*Rs. 152 cr. unearthed in 3 days; two Karnataka officials suspended*

Bengaluru: December 03, 2016 07:40 IST
Updated: December 03, 2016 11:07 IST


Searches started in Bengaluru, and Erode and Chennai in Tamil Nadu on
Wednesday and concluded on Friday night.

*Demonetisation <http://www.thehindu.com/topic/demonetisation/>*
*Anti-Corruption Bureau will seek details from Income Tax Department on the
disproportionate assets found in the possession of the two PWD chief
*A whopping Rs. 152 crore unaccounted income, including a huge stash of new
notes, bullion, jewellery, and documents pertaining to property ownership,
have been seized on the premises of two chief engineers of the PWD and
contractors, by the I-T officials over the last three days.*
*Home Minister G. Parameshwara announced, on the Floor of the Council,
suspension of the two chief engineers S.C. Jayachandra, Chief Project
Officer of the State Highway Development Project, and T.N. Chikkarayappa,
Managing Director of Cauvery Neeravari Nigam Ltd. Prime Minister Narendra
Modi called I-T sleuths in Bengaluru and congratulated them for the
successful seizure operation.*
Searches concluded on Friday night
*Searches started in Bengaluru, and Erode and Chennai in Tamil Nadu on
Wednesday and concluded on Friday night. A total of 18 locations in
Bengaluru are under the I-T scanner. “The unaccounted income is expected to
go up further. We will get a rough estimate on the extent of income and
properties by Monday,” sources said.*


*ACB to seek details of disproportionate assets*
*The Anti-Corruption Bureau (ACB) will seek details from Income Tax
Department on the disproportionate assets found in the possession of Public
Works Department chief engineers S.C. Jayachandra and T.N. Chikkarayappa.*
*ACB Inspector General of Police M.A. Saleem told The Hindu that they are
keen to pursue cases against the two officials on the basis of information
about unaccounted income coming from I-Tax department since the money
recovered from their premises could be more than their known sources of
*Incidentally, Mr. Jayachandra had run into trouble when Lokayukta sleuths
had searched his premises in 2008 on the charge of disproportionate income.
The government is yet to give permission for prosecution.*
*Gold and cash seizures go up*
*Meanwhile, the search of premises of the two officials, contractor
Ramalingam, Sibi Chakravarthy of Kannan Borewells and banker Umashankar
continued for the third day on Friday. The amount of unaccounted cash and
gold has gone up. The I-T search, which officials say was in the offing for
some time, comes when the State government has finalised tenders for
execution of road works worth about Rs. 3,500 crore under the State Highway
Development Project (SHDP).*
*Of the over Rs. 6 crore currency seized, the department said that nearly
Rs. 5.7 crore was in new Rs. 2,000 currency. About Rs. 90 lakh is in the
demonetised Rs. 500 and Rs. 1,000 currency. Sleuths have seized about seven
kilos of bullion, suspected to have been purchased after demonetisation of
Rs. 500 and Rs. 1,000 currency, nearly nine kilos of gold jewellery –
together worth about Rs. 5 crore, an I-T department note said. Several
high-end cars too have been seized.*
Cash seized
*In two separate incidents, new Rs. 2,000 notes, being carried without
documents, were seized. Three persons were caught with Rs. 71 lakh in
Bailoor village, while three others were caught in Chikkamagaluru with Rs.
46 lakh.*
*New notes seized in Chikkamagaluru*
*Meanwhile, Chikkamagaluru Police on Friday seized Rs. 46 lakh in currency
notes of Rs.2,000 denomination from two people in Jayanagar town. The
police have taken the duo Kiran and Kumar into custody.*
*The duo were transporting the cash in a car. They had no explanation for
the cash. The police have seized the car. It is said that the car belongs
to a businessman in Hassan - Staff Reporter*
*Mangaluru I-T officials seize Rs. 71 lakh in new currency*
*Three persons were caught carrying new Rs. 2,000 notes amounting to Rs. 71
lakh at Bailoor village near Karkala on Thursday evening. The police handed
them over to Income Tax officials in Mangaluru.*
*Karkala Circle Inspector Joy Anthony told The Hindu on Friday that the
police were checking vehicles at Bailoor on Thursday evening. Around 7
p.m., they stopped a car going from Mangaluru towards Kudremukh. Inside,
they found currency of Rs. 2,000 denomination totaling Rs. 71 lakh in a
plastic bag. The occupants of the car — Imran Hussain, Asif Umar and Deepak
Shetty — failed to give a proper explanation for the huge amount of cash.
All three are from Mangaluru and are aged between 35 and 40 years.*
*The police did the ‘panchanama’ but did not register a case, Mr. Anthony
*Sources in the Income Tax Department said that the youth were part of a
money exchange network that has been operating in the coastal towns since
November 8. The network operated in two layers, the official explained,
adding that while the big operator took a 25 per cent cut from those
wishing to convert their demonetised currency to new ones, he would
sub-contract the work of getting legal currency to his associates. “The big
operators pay Rs. 2,000 for every Rs. 24,000 being withdrawn in legal
tender,” the official said. - **Karnataka Bureau*


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