2.7cr seized in auto accounted for: Bizman

Kochi: Harbour police, who seized Rs 2.7 crore from an autorickshaw parked near Kannengatt Bridge, Willingdon Island, on Saturday, handed over the cash and the vehicle to the court on Sunday. Two persons, including a Bihar native, an employee at a garment shop in Broadway and a Tamil Nadu native residing in Kadavanthra, who were taken into custody were released on bail, police said.

Police stated that the owner of the textile shop claimed the money was accounted for and requested time to present documents proving the same. He claimed that the money was his business profit and loans taken from banks and societies. The autorickshaw was parked at the walkway for over an hour, raising the suspicion of a police patrol team from the Harbour station. Police have also alerted the income tax department about the seizure.

Meanwhile, sources with state GST said they have been conducting statewide raids against tax evasion in textile industry. A source mentioned that Rs 6.75 crore was found from a wholesale textile dealer at Broadway on March 12. The owner admitted to tax evasion. Sources said that if the seized amount is over Rs 5 crore, they can make an arrest, but they didn't proceed with an arrest in this case since the owner agreed to pay penalty. TNN