I-T raid on textile centre; Rs 5.8 crore in cash seized

Mysuru, August 22:- Officials of Income Tax Department on Wednesday night carried out a raid on a leading textile centre in the city and seized Rs 5.8 crore in cash.

Sandeep, the owner of Mannars Silk, had purchased a property belonging to Dharmaraja Chetty and Sons in the city for Rs 13.75 crore. The officials of I-T department carried out an investigation on the issue and found that the transaction was made through bank and cash. When they raided Mannars Silk in front of Olympia Theatre, the cash kept for the property purchase was recovered.

The investigation revealed that Rs 8 crore was given through bank and Rs 5.8 crore was to be paid as black money. The officials carried out the raid on the residence and textile of Sandeep at the same time till midnight. (MR/KS)

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