Income Tax department seizes Rs 137 crore cash, jewellery from Sahara group

NEW DELHI: Income tax officials seized .`137 crore in cash besides gold during searches at Sahara group premises. “This is the largest-ever cash haul,” said a government official. A tax department source said this was done as the company wasn’t able to provide any explanation in its books of accounts.

“Seizure is not carried out if there is an explanation provided,” the source said. The company had in a statement on Saturday admitted to I-T department searches at two locations in the national capital region but said the cash was accounted for and legitimate. “We do not know what the case is and why all these raids are done.

Please also note that there is some amount found by the agency during the raid. To clear the ambiguity from the beginning and stop any speculation we would like to upfront inform that each and every penny found is accounted and companies legitimate money,” the statement said. It said the company has been facing an embargo on its properties in the last 20 months and all its accounts have been frozen, with the money in them being paid to Sebi.

“Under such circumstances we are tightly managing the affairs of our organisation and hence some legitimate cash is kept at various points for various requirements and higher emergencies. As getting bigger amounts from bank account is extremely difficult and when, which account, Sebi will seize, we do not know,” it said.