Bengaluru: Acting on a tip-off, police raided the premises of a cement factory in Kurubarahalli, west Bengaluru, and seized Rs 2.9 crore in unaccounted cash stuffed inside gunny bags.Cops detained factory owner TM Nagaraju and business partner BB Venkatesh for questioning. The case has been handed over to the income-tax department for probe into source of the funds.The operation unfolded on June 2 after Mahalakshmipuram police received information suggesting that crores of rupees were being hidden in a shed belonging to Sheshadri Industries. A raid of the factory premises led officers to the cement shed, where they uncovered multiple gunny bags packed with cash totalling Rs 2.9 crore.During interrogation, Nagaraju laid out a timeline of severe financial distress to explain the presence of the massive cash hoard. According to police sources, Nagaraju said he secured bank loans exceeding Rs 3 crore in 2018 to expand his business.To keep the business afloat after Covid-19, Nagaraju turned to informal financial networks. He claimed the Rs 2.9 crore was an accumulation of hand loans gathered from six pesons, including his chartered accountant, to settle his dues.
