Devashis Garg, a gold retailer in Noida was arrested on Wednesday for selling huge amounts of gold in the local market during the demonetisation period. According to a report by ETV, Devashish had imported some 430 kgs of gold after November 8 when PM Narendra Modi first banned the Rs 1000 and Rs 500 notes, and sold it in the local market. Garg has been arrested from Sector 63 Noida and sent to Meerut Jail after he was put under scanner by the authorities for indulging in illegal activities.
Following demonetisation several cases of seizures of gold, cash and jewellery have come to the fore. According to a report by the Finance Ministry to Parliamentary Committee post the note ban move a total of Rs 515 crore in cash including Rs 114 crore of new currency notes were seized until 10 January.
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According to sources, over its queries on demonetisation by Public Accounts Committee the Finance Minitry disclosed that it had detected Rs 4,172 crore during search and seizure operation which took place between November 9-December 28, 20-16.
The tax department has taken action in 980 intrusion cases.
According to the IT raids made in various places in search of illegal currency, maximum seizure was done in Chennai totalling Rs 153.88 crore which was followed by Delhi where Rs 72.43 crore was seized and Bangalore accounting for Rs 34.84 crore seizure.
After demonetisation drive was announced on November 8 the tax department had circulated more than 5,000 notices to various people based on specific intelligence inputs.