Tirupati: Election Commission squad seizes Rs 73 lakh cash in Punganur

Tirupati: Flying squad teams (FST) along with the police, who have stepped up vigil since the model code of conduct came into force in the state, seized Rs 73.60 lakh of unaccounted cash from a ration dealer in Punganur constituency in Chittoor district on Monday.

According to Punganur CI, Naga Sekhar, acting on a tip-off, the FST teams along with police conducted raids at the residence of one Subramanyam Raju, who was a alleged, on Monday at around 11 am.

The squad has found  Rs 73.60 lakh in cash at his residence and it was seized after the latter failed to provide necessary documents for the cash, said the police.

The FST teams had sent a report to the Income-Tax  department for further action, the CI said.

It was learnt that in the statement given to the squad, Subramanyam Raju has mentioned that the cash was procured by selling some assets he owned in Madanapalli and Bangalore, and also by pledging gold at banks. He also sought the squad to give him some time to produce necessary documents for the cash, an official said.