The Income Tax Department conducted raids on 16 locations in Bengaluru over the past two days, resulting in the seizure of a substantial amount of cash and gold. The raids targeted the premises of industrialists and gold merchants, uncovering significant assets.
Seized Assets
A total of Rs 1 crore and 33 lakh in cash was seized during the raids, along with 22 kg and 923 grams of gold jewellery, diamonds, and benami property deeds.
Locations and Seizures
Several locations within Bengaluru South Lok Sabha constituency witnessed seizures:
- Gold jewellery worth over Rs 3 crore was seized from Shankarpur.
- Gold worth Rs 3 crore and 39 lakhs was seized from Saradevi Road.
- Gold worth Rs 2 crore and 13 lakhs was seized from Mercantile Bank.
- Gold worth Rs 5 crore and 33 lakh was recovered from Jayanagar 3rd Block.
- Gold bullion worth 84 was recovered from Saraswat Bank in Chamarajpet.
- Additionally, diamonds were also seized: a 6.38-carat diamond worth Rs 3 lakh and 34 thousand was recovered at the Post Office in Basavanagudi, and a 5.99-carat diamond valued at Rs 3 lakh and 14 thousand was discovered on Mata Sharada Devi Road. Furthermore, a significant 202.83-carat diamond worth Rs 6 crore and 40 lakhs was uncovered in Jayanagar.
Context and Impact
The raids and seizures come amidst the upcoming Lok Sabha elections, adding scrutiny to financial transactions in the region. Campaigning for 14 Lok Sabha seats in Karnataka, which are set to go to polls on April 26, is nearing its end, with the state having a total of 28 Lok Sabha segments. The remaining 14 constituencies, primarily in northern districts, will go to polls on May 7.
