<p>An IT team is questioning two cheque clearing agents who worked as "conduits" for traders in receiving Rs 20 crore from a private bank in Erode district.<br /><br />"The large cash withdrawals made from a private bank in Erode, amounting to more than Rs 20 crore on a single day in March 2011 were investigated. In this connection the team conducted a survey on a cheque clearing agent and two receivers of the cash from the agent," a release issued here by the department said.<br /><br />Traders, who receive payments by crossed cheques endorse such cheques to third parties and they in turn endorse the cheque clearing agents and receive cash, it said.<br />Investigation had so far revealed existence of unaccounted trade transactions using cheque clearing agents as conduits.<br /><br />In the second incident, IT officials identified a builder who had not maintained any records of his construction business. Incriminating evidence was found for huge receipts, resulting in admission of unaccounted income of Rs 1.25 crore and a tax of Rs three lakh was collected from him, it said.<br /><br />The officials also seized Rs 30 lakh from a pawn broker's family toward tax payment for having earned more than what they had admitted in their returns of income.</p>
<p>An IT team is questioning two cheque clearing agents who worked as "conduits" for traders in receiving Rs 20 crore from a private bank in Erode district.<br /><br />"The large cash withdrawals made from a private bank in Erode, amounting to more than Rs 20 crore on a single day in March 2011 were investigated. In this connection the team conducted a survey on a cheque clearing agent and two receivers of the cash from the agent," a release issued here by the department said.<br /><br />Traders, who receive payments by crossed cheques endorse such cheques to third parties and they in turn endorse the cheque clearing agents and receive cash, it said.<br />Investigation had so far revealed existence of unaccounted trade transactions using cheque clearing agents as conduits.<br /><br />In the second incident, IT officials identified a builder who had not maintained any records of his construction business. Incriminating evidence was found for huge receipts, resulting in admission of unaccounted income of Rs 1.25 crore and a tax of Rs three lakh was collected from him, it said.<br /><br />The officials also seized Rs 30 lakh from a pawn broker's family toward tax payment for having earned more than what they had admitted in their returns of income.</p>