₹1.10 cr unaccounted cash seized in I-T raids on three Kanpur traders

Nearly one lakh notes of ₹20 denomination were also recovered in the raids conducted at five places following inputs about large unaccounted cash stashed in the houses and shops of these traders

KANPUR The income tax department in Kanpur conducted raids at shops and residences of three traders engaged in exchanging damaged/mutilated currency notes for commission. Unaccounted cash totalling ₹1.10 crore and 21 kg silver were seized in the operation that began on Tuesday and continued till Wednesday evening, said officials.

These traders exchange damaged currency in Collectorgunj, which is a business hub. (Pic for representation)

Nearly one lakh notes of ₹20 denomination were also recovered in the raids conducted at five places following inputs about large unaccounted cash stashed in the houses and shops of these traders. Sanjay Jain, who has his shop in Moti Building in Collectorgunj, along with Sanjay Gupta and Manoj Gupta operating from Dhaniram market, Shakkarpatti, were under the I-T sleuths’ scanner.

“The teams recovered ₹1.10 crore cash and 21 kg silver from Sanjay Jain,” said an I-T official, adding that the details of the recoveries from the shops and houses of Manoj and Sanjay Gupta hadn’t been disclosed.

The seized cash was unaccounted and Jain could not produce appropriate evidence, sources said. These traders exchange damaged currency in Collectorgunj, which is a business hub. This business thrives as this market caters to several states and traders come in large numbers.