Vizianagaram: The Vizianagaram police on Monday seized Rs. 1.10 crore unaccounted cash from two persons during a routine vehicular check in the Saluru area in Vizianagaram district. The police also seized bank cheques and demand drafts worth Rs. 1.67 crore.
The inspector of Salur, S.S. Naidu, and his team intercepted a car during a routine check near the State Bank of India in Salur on Monday. During the inspection the cops found two bags containing Rs. 1.10 crore in cash. The passengers, Rachakonda Varahala Rao (82) and Meena Rao (63), failed to produce any valid documents to claim the money and also failed to disclose the source of the money.
During the investigation, the police came to know that Varahala Rao and Meena Rao sold their house at Jeypore Town in Odisha. However, according to the agreement they sold the house for Rs. 2.2 crore and received cheques for Rs. 50 lakh in advance. The police said both the sellers and the buyers of the property have shown a lesser figure in the sale agreement to avoid paying taxes during the registration of the property. The seized Rs. 1.10 crore was black money, they said. The police have registered a case against the duo and have written a letter to the Income Tax officials for further investigation.