Delhi’s Faqir Chand Lockers raided, ₹5.5 crore cash seized

Delhi’s Faqir Chand Lockers raided, ₹5.5 crore cash seized

The Income Tax Department on Monday seized ₹5.5 crore cash from Faqir Chand Lockers and Vaults raided in Delhi’s Chandni Chowk. Raids have been conducted since October 31 and a total of ₹41 crore has been seized till now from Faqir Chand, which has about 300 lockers. The lockers were opened over allegations of tax evasion by certain people.

The raids by the I-T department have been ongoing since 31 October. Rs 5.4 crore in cash was also seized from five other lockers around the Chandni Chowk area on Wednesday, 5 December. With the fresh raids by I-T on 10 December, the total amount of cash seized stands at Rs 41 crore. 175 lockers are yet to be opened, ANI quoted officials as saying.

The taxmen opened lockers over alleged tax evasion, and the facility was under the radar of the I-T department since Diwali, news agency PTI reported. Faqir Chand lockers and vaults, sources said, is run by a businessman based in old Delhi and had an RBI approval to run the private facility.

It has about 300 lockers, and traders from the Khaari Bawli, Chandni Chowk and Naya Baazaar area had their cash and jewellery deposited in these vaults. “However, the case is still under investigation and more vaults are to be examined,” a senior I-T Department officer told PTI.

A trader involved in the running of Faqir Chand Lockers and Vaults told the media that it was approved by the RBI in 1992, and he denied any wrongdoing or illegal business being done to evade income tax.

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Aditya Singh

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