Income Tax Department on Saturday seized Rs9 lakh new currency notes during a raid at a ludhiana-based jewellery outlet, the owner of which also surrendered unaccounted wealth of Rs15.40 crore.
The income tax sleuths seized about Rs14 lakh cash and one kg gold in this operation, I-T officials said.
The searches were launched at a prominent jewellery shop at college road and residence of the jeweller in Gurdev Nagar,
The jeweller has surrendered Rs15.40 crore as undisclosed income, officials said adding some incriminating documents was also recovered during the operation.
Preliminary investigation conducted by the department has revealed that the jeweller allegedly sold gold jewellery at higher rates, helping customers to convert their black money into white post demonetisation move by the Centre.