Rs 24 cr in new currency seized from TN businessman's car

The Income Tax department on Saturday seized a whopping Rs 24 crore in Rs 2,000 denomination stashed inside a car in Tamil Nadu's Vellore district, an official said.

"We have seized cash valued at Rs 24 crore in Vellore. The raid continues," the IT official told IANS.

According to him, the seized cash will be deposited with the Reserve Bank of India.

This is the third day of the IT raids on three businessmen -- J. Shekhar Reddy, Srinivasalu and Prem -- that started on December 8.

The Central Board of Direct Taxes (CBDT) on Friday said the IT department had seized Rs 96.89 crore cash in old Rs 500 and Rs 1,000 notes, and Rs 9.63 crore in new Rs 2,000 denomination along with gold weighing 127 kg worth approximately Rs 36.29 crore.

The big fish is said to be Reddy, from whose car the money was seized, who is a contractor and has executed works for Tamil Nadu government.

He was also a Board Member of the Tirumala Tirupati Devasthanam (TTD). On Saturday the Andhra Pradesh government removed him from that post following the raids and cash/gold seizure.