On Saturday, the Income Tax Department conducted raids on three shoe traders in Agra, Uttar Pradesh, uncovering a substantial amount of cash. So far, officials have counted Rs 40 crore, with the counting of additional cash still ongoing, according to sources.

During the raid, officials discovered several bundles of Rs 500 notes at the residence of a footwear company owner. To manage the large volume of cash, bank officers and employees were summoned to assist with the counting process.

The raids were carried out based on suspicions of tax evasion and the possession of disproportionate assets. The ongoing investigation aims to uncover the full extent of the assets and any potential tax liabilities.