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India tax authorities seize $5 bln bills of exchange from trader

Published on Jan 3, 2013 11:37 PM

CHENNAI (REUTERS) - Indian tax authorities are investigating a possible financial scam after seizing US$5 billion (S$6.1 billion) worth of bills of exchange issued by Barclays from the home of a trader, an official at the local tax department said on Thursday.

The authorities seized five bills of exchange each valued at $1 billion from the home of T. M. Ramalingam during a Dec. 31 raid, the tax official said.

The bills were not the reason behind the raid, he said.

Ramalingam had applied for a licence to set up an oil refinery in Tamil Nadu with the money, the tax official said.

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