Two grilled by IT sleuths for withdrawing Rs 20 cr in a day

Two grilled by IT sleuths for withdrawing Rs 20 cr in a day

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.

"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.

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.
Investigation had so far revealed existence of unaccounted trade transactions using cheque clearing agents as conduits.

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.

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.

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