Lucknow, Income Tax sleuths have seized 100 kg gold and Rs 10 crore unaccounted cash during raids on Rastogi and Sons, a Lucknow-based company with diverse business interests.
The raids, which started on Tuesday morning, continued till Wednesday night and the IT officials have recovered 100 kg of gold worth Rs 32 crore.
IT sources here on Thursday confirmed about the seizures from five places in the state capital and Mumbai of two brothers Kanihiya Lal Rastogi and Sanjay Rastogi.
The raid was led by Deputy Commissioner IT Ravi Malhotra and heavy police security was made during their operations mostly in the old city area of the state capital.
Though the company’s lockers are yet to be opened, tax officials indicated that the search operation involving more than 40 officers might conclude on Thursday. They have also detected supply of Rs 60 crore in the market on getting interest while there are several immovable properties on fake names.
The company, owners of which are into ware housing, brick kilns, financing, real estate, publication and jewellery businesses, has been accused of evading substantial tax liability which led to the raids.
Sources said that during the raid, the officials also recovered the old banned currencies.
The IT sleuths seized Rs 8.08 crore in cash and 87 kg of gold from the residence of elder brother Kanihiya Lal where his two sons Umang and Tarang are also his partners.
The team seized Rs 1.13 crore in cash and 11.64 kg of gold from the residence of Sanjay Rastogi, the younger brother of Kanihiya Lal.
It seized the cash and gold after Rastogi’s could not provide any proof of source or receipt of the items.
