Hyderabad, October 22: Income-tax officials seized Rs. 11.62 crore, the biggest haul of cash in a single raid in the country this year, from a soap factory in Guntur on Thursday last.
Without identifying the factory or its owner, Director General of Income-Tax (Investigation) P.S. Swain told a press conference here on Monday that the department had kept a close watch on the activities outside the factory for two months. When the raid was finally carried out, it was found that there were no entries in the log book about the trucks that entered and left the factory.
Black money
The factory owner admitted that he had black money, part of which he had spent for buying 300 acres of land in Tamil Nadu and several properties around Guntur. Investigation into his investments was in progress.
Mr. Swain also said the department had detected Rs. 115 crore of unaccounted money in 31 cases in the State so far this year and had seized Rs. 30 crore. Raids were conducted on builders, contractors, educational institutions and hospitals.
–Agencies