The Income-Tax Department has seized about ₹94 crore in unaccounted cash and jewellery worth over ₹8 crore during searches against some government contractors, real estate developers, and their associates across four States.
Launched on October 12, the operation covered about 55 premises in Karnataka, Andhra Pradesh, Telangana, and Delhi. The agency has not disclosed the identities of the assessees under its scanner.
Besides the cash and the gold/diamond jewellery, the IT Department has also seized about 30 luxury wrist watches of foreign make from the premises of a private salaried employee not engaged in the business of wrist watches.
