Clearer picture on $5bn US treasury bonds seizure likely to emerge in next few days

Chennai:
After the director general of Income Tax (investigation) Chennai recovered US Treasury bonds allegedly estimated to be worth Rs 28,000 crore ($ five billion) from a Coimbatore stockbroker, top officials said a clearer picture on the case would emerge in the next two days.
Income Tax sources told Express on Wednesday that the initial estimation is mind-boggling and a clear picture would emerge in the next few days.
Sources said following a tip off from a financial intelligence unit, the broker’s office and residence was searched.  Preliminary investigations revealed that US treasury bonds allegedly worth $ 5 billion have been recovered from a stockbroker. “The amount is mind boggling and if it is true than multiple agencies would have to look into it,” said an income tax source.
Interestingly top officials in Director General of Income Tax (investigation) Chennai refused to part with any information saying they neither deny nor confirm it.
Sources said the tip-off came from the branch of a foreign bank in Chennai.However, officials refuse to divulge any details on when the bonds were seized, where the raid was conducted and or have they informed international investigation agencies to ascertain the worth as well as how the bonds are smuggled into India.
Interestingly, the seizure by Income tax department comes in the wake of police officials seizing counterfeit US bonds worth $6 trillion in Switzerland.