For two days, the Income Tax Department carried out 16 raids in different locations in Bengaluru, proportional to the amount of cash and gold the department had seized. The news agency claims that the functional establishments of the industrialists and gold merchants have been the target of the attack.
Credit cards, ATMs, transfers and foreign exchange operations were suspended in conjunction with the operation. Together, they seized a total amount of ₹1 crore and ₹33 lakh in cash. Moreover, they captured some 22 kg and 923 grams of gold ornaments, diamonds and benami proper deeds.
There were too many incidents reported in the Bengaluru South area. Specific locations where the seizures took place include:
- Shankarpur, situated within the Bengaluru South Lok Sabha constituency, where gold jewellery valued at over ₹3 crores was confiscated.
- Saradevi Road, also within the Bengaluru South Lok Sabha constituency, witnessed the seizure of gold worth ₹3 crore and 39 lakhs.
- Mercantile Bank, located within the Bangalore South constituency, saw the confiscation of gold valued at ₹2 crore and 13 lakhs.
- Jayanagar 3rd Block, a segment of the Bangalore South constituency, saw the recovery of gold worth ₹5 crore and 33 lakhs.
- Saraswat Bank in Chamarajpet, within the Bangalore South constituency, yielded gold bullion valued at 84.
These raids send a clear message to the public that the government is determined to bring all tax evaders and persons with suspicious financial dealings to justice. Seizing these large amounts of cash and gold brings attention to the size of the operation and most likely relates to serious consequences for the people who were carrying on with such activity. The listed targets – the properties of industrialists and gold merchants – strongly imply the concerted efforts of the authorities to investigate the wrongdoings in different sectors, assumedly with financial irregularities as the key characteristic.
The works of law enforcers will be followed by additional intensive investigations carried out from the confiscated assets and looking into the source of the seizure. These measures are initiated with the purpose of ensuring that tax laws are followed and the righteousness of the finance system is observed.
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