The Income Tax (IT) Department on Saturday reportedly seized over Rs 45 crore in cash from a real estate businessman in Bengaluru. The search operation, which commenced on October 12, resulted in the seizure of over Rs 100 crore from various individuals in Bengaluru.
The officials conducted raids at the residence of Santhosh Krishnappa in Rajajinagar’s Kethamaranahalli on Saturday night, where they discovered Rs 45 crore in cash.
Reports indicated Krishnappa had close ties with several state politicians and had stored the large sum of cash in his house. Sources revealed that I-T officers found cash, gold ornaments, and other documents stored in metal trunk boxes, which they have now seized. The total valuation of these assets is currently underway.
The raids at Krishnappa’s residence followed a broader I-T department crackdown on various premises in the city, including those connected to prominent contractors and others.
Cash hidden under bed
According to sources, on Friday, I-T officials recovered a substantial amount of money, primarily in Rs 500 denomination, from a house in Atmananda Colony in RT Nagar.
The residence belonged to Pradeep, the son of the former corporator Ashwathamma, and R Ambikapathy, vice-president of the Karnataka State Contractors Association.
The cash, totalling Rs 20 crore, was allegedly hidden under a bed in 21 cardboard boxes and one bag.
On October 14, the I-T officials’ raids at the homes of sculptors and gymnasium owners yielded an estimated Rs 8 crore. Based on the leads obtained during these raids, officials searched Krishnappa’s residence.
Sources also reported that officials found Rs 15 crore in the premises of a company in Hyderabad that had received several state contracts. This brings the total seizure amount since October 12 to over Rs 100 crore.
Focus is on two contractors
The primary focus of the I-T officials has been on two major contractors in Bengaluru, among others, which subsequently led them to Ambikapathy. This investigation involves interconnected sub-contractors, bogus contracts, and cash withdrawals, according to a source who previously spoke to DH.
Officials continue their search operations in the city based on leads obtained from the raids that commenced on Thursday. Sources revealed that IT officers from Goa, Delhi, Mumbai, and Chennai arrived in Bengaluru on October 11 to carry out these raids.