Income Tax Seizure of 24 Crores worth of New Notes - CBI Investigates
THE Investigation Department of Income Tax, Chennai seizedRs.24 Crores of new currencies from a Tata Ace load vehicle belonging to one Rishi Kumar in Vellore on 09.12.2016 following the searches and seizure at the premises of J Sekar Reddy, M. Prem Kumar and K. Srinivasulu at Chennai.
J Sekar Reddy, a Government Contractor, Partner of M/s SRS Mining, Chennai operates majority of Government run sand quarries in Vellore and neighbouring Districts, M. Prem Kumar and K. Srinivasulu are business associates of J.Sekar Reddy.
The CBI has booked a case on the grounds that,
Huge quantities of new 2000 rupee currency notes were sent by RBI all over the country to be distributed in lieu of the demonetized notes of Rs.500 and Rs.1000. J.Sekar Reddy and his associates had, with the help of unknown public servants of different banks, converted the unauthorised cash held by them in old currency notes, thereby depriving the public in enforcing their right. The bank officials who were entrusted with the new currency notes to be distributed to the public as per the instructions given to the bank from time to time by the RBI, defying the same and helped the accused persons for a consideration.
Thus J.Sekar Reddy, M. Prem Kumar and K. Srinivasulu, had in conspiracy with unknown Bank officials and public servants converted unaccounted cash held by them in the form of old currency notes to new 2000 rupees currency notes, cheating the Government of India and thereby prima facie committed the offences punishable u/s 120-B r/w 409, 420.IPC and section 13(2) r/w 13(1) (c) & 13 (1) (d) of PC Act, 1988.