I-T dept raids 27 premises of Tamil Nadu jewellery, bullion groups; Rs 1000-crore black income found

The Income Tax Department carried out searches at 27 premises of of two Chennai-based groups, one of which is a leading bullion trader in Tamil Nadu and the other is one of the biggest jewellery retailers in South India. The searches have resulted in the detection of undisclosed income of more than Rs 1,000 crore.

The Income Tax Department carried out searches in the case of two Chennai-based groups, one of which is a leading bullion trader in Tamil Nadu and the other is one of the biggest jewellery retailers in South India. The searches were carried out at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore on March 4. The searches, so far, have resulted in the detection of undisclosed income of more than Rs 1,000 crore. The evidences found in the premises of the bullion trader revealed that there were unaccounted cash sale, bogus cash credits from its branches, cash credits in dummy accounts in the guise of advance for purchases, unexplained cash deposits during the demonetisation period, bogus outstanding sundry creditors and huge unexplained stock variations.