January 13, 2018 1:35 PM

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I-T dept seizes Rs 85cr cash, bullion from illegal Delhi vault

The Income Tax Department has seized a total of 85.2 crore rupees in cash, bullion and jewellery after a search at a private vault in Delhi as part of its anti-black money drive. <br/><br/>Official sources said a fresh seizure of over 23 crore rupees in gold jewellery, biscuits, precious stones and cash was made from the vault yesterday by the sleuths of the investigation wing.<br/><br/>Assets worth more than 61 crore rupees were seized by the department over the week from multiple lockers located in the vault in the South Extension area of Delhi. <br/><br/>Sources privy to the operation said, out of the total 85.2 crore rupees stash seized, 8 crore rupees is in cash while the rest is bullion, jewellery, diamonds and other precious stones.<br/><br/>The assets allegedly belong to some high net worth individuals based in Delhi. Sources said the department has initiated proceedings for tax evasion and under the benami assets law against the illegal vault holders. Private lockers or vaults, that operate like normal bank lockers, are illegal and not recognised under the law.

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