I-T raids Axis bank in Noida, finds Rs 60 cr in 20 shell company accounts

On a trail of a jeweller who allegedly sold bullion worth Rs 600 crore, the Income Tax Department on Thursday unearthed Rs 60 crore from the accounts of 20 shell companies in a raid at an Axis bank branch at sector 51 in Noida.

A team of the department on Thursday raided the Axis bank branch in Noida and searched the accounts.

In the search, Rs 60 crores were found in 20 accounts of as many shell companies, an official said, adding that the I-T team was scanning the records to trace the directors of these companies.

An I-T team had earlier found that a jeweller in Noida had sold gold bricks worth Rs 600 crore after demonetisation and has accounts in the same branch of the bank.

The jeweller's name has not been disclosed by the officials yet.(http://www.business-standard.com/article/pti-stories/i-t-raids-axis-bank-finds-rs-60-cr-in-accounts-of-shell-116121500585_1.html)

Rs 70 cr cash, 170 kg gold seized at airports in India post note ban

Over Rs 70 crore in cash, in both old and new notes, and more than 170 kg gold have been seized from passengers at various airports of the country after demonetisation, Director General of CISF O P Singh said on Wednesday.

"We have seized more than Rs 70 crore of cash. More than 170 kilograms of gold has been attended to since the demonetisation, at various airports across the country," Singh told a press conference.

Asked if the cash seized consisted of the new currency notes, he said, "They were a mix of both, but mostly new notes".

The seizures were made as CISF has a commitment to the country and has to realise dreams of the government, he added.

The seizures were made by various agencies after the CISF provided them tip-offs about the passengers carrying cash and gold.(read more)