I-T raids unearth Rs 15 cr cash, jewellery worth Rs 5 cr in poll-bound Karnataka

The raids were conducted on premises located in Shanthi Nagar, Cox town, Shivaji Nagar, RMV Extension, Cunningham Road and a few other places

Representative image. Credit: iStock Photo

The Income Tax Department has seized Rs 15 crore cash and Rs five crore worth jewellery after raids at multiple locations in Bengaluru and Mysuru, targeting a few financiers who have allegedly mobilised resources for funding candidates in the May 10 Karnataka Assembly elections, sources in the I-T department said on Saturday.

The raids were conducted on premises located in Shanthi Nagar, Cox town, Shivaji Nagar, RMV Extension, Cunningham Road, Sadashiva Nagar, Kumarapark West and Fairfield Layout in Bengaluru on Friday, the sources added.

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"These raids have resulted in seizure of the huge amounts of unaccounted cash and jewellery stashed in secret hideouts," they said.