The son of the contractor whose properties were raided by the Income Tax (I-T) Department during which a large amount of cash, said to be over ₹40 crore, was recovered, has claimed the money was his own, which came from a land sale deal and he would explain to the I-T sleuths soon.
The I-T sleuths had raided premises linked to R. Ambikapathy, vice-president of Karnataka State Contractors’ Association and president of BBMP Contractors’ Association, and are said to have recovered over ₹40 crore in cash. The raids that began on Thursday evening concluded on Saturday morning. The I-T sleuths have deposited the huge amount of cash in a State Bank of India (SBI) safe and recovered several documents, gold ornaments among other valuables, according to sources.
A. Pradeep, son of Mr. Ambikapathy, claimed that the raid was against him and his company that has been active in real estate for over 15 years now. He claimed that the recovered cash had nothing to do with his father.
