more-inHYDERABAD: The Income Tax Department is reported to have unearthed a money laundering fraud to the tune of Rs.100 crore by a reputed bullion trader in Banjara Hills. The trader allegedly took advances of the old demonetised Rs.500 and Rs.1000 high-denomination notes from customers between 9 p.m. and midnight on November 8. The bullion trader allegedly split bills into sums under Rs 2 lakh for 5,000 customers and deposited the receipts in his bank accounts. Investigation by IT officials of his bank accounts showed a deposit of Rs.100 crore between November 10 to 17. Raids by IT officials went on till late evening on Saturday on bullion traders at three other places in the city.

Source: The Hindu December 03, 2016 19:46 UTC