Income tax raids uncover Rs 40 crore in cash from Agra shoe traders

The Income Tax Department conducted raids on three shoe traders in Agra, Uttar Pradesh, on Saturday, seizing a substantial amount of cash suspected to be linked to tax evasion. Officials have so far counted Rs 40 crore, with the counting of additional cash still ongoing.

During the operation, officials discovered numerous bundles of Rs 500 notes at the residence of a footwear company owner. Due to the large volume of cash, bank officers and employees were called in to assist with the counting process.

The raids were initiated based on suspicions of tax evasion and the possession of disproportionate assets. The investigation aims to determine the full extent of the assets and identify any potential tax liabilities.