Property transaction in Mysuru: IT officials seize Rs 5.75 crore in cash

BENGALURU: The Income Tax Investigation wing officials on Wednesday seized Rs 5.75 crore in cash after intercepting a high value property transaction in Mysuru. The department officials said this was also the highest cash haul from a single premises in Mysuru.

A property transaction was taking place between Dharmaraja Chetty & Sons and Sundeep of Mannar Silks. The officials seized the cash while the latter was delivering it at the residence of sellers (Dharmaraja Chetty). Sundeep had agreed to buy the property for Rs 13.75 crore, out of which Rs 8 crore was being paid by way of a cheque and the rest in cash. "The buyer is engaed in the business of retail trade of textiles and silk clothing. The textile shops of the buyer in the commercial hub of Mysuru have also been searched," the IT department said in a press note.

The officials have taken up further investigation suspecting that the cash component was paid out of the undisclosed income earned out of the business.


The seizure comes a day ahead of Finance Minister Nirmala Sitharaman scheduled to hold a meeting with income tax and GST officials in Mysuru on Thursday.