The officials of the income tax department on Sunday were left in shock with over ₹1,000 crores unearthed during the series of raids on “leading” bullion trader and south India’s “biggest” jewellery retailer. The development assumed significant with the coincidence of EC announcing the assembly polls a few days back.
The I-T sleuths reportedly carried on search operation at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore where over Rs 1,000 crores of unaccountable cash were recovered.
It was learnt that the sleuths recovered numerous bundles of unaccounted cash sales, bogus cash credits from its branches, cash credits in dummy accounts in the guise of advance for purchases, unexplained cash deposits during the demonetization period, bogus outstanding sundry creditors and huge unexplained stock variations.
In the case of the jewellery retailer, it was found that the jewellery retailer, it was found that the “taxpayer received and repaid cash loans from local financiers, had given cash loans to builders and made cash investments in real estate properties.”
Further information awaited.