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It Department Sleuths Were Stunned To See A Huge Amount Of Money During Raids!
By: Tupaki Desk | 7 March 2021 2:22 PM GMT
The Income Tax Department conducted raids on two big companies based out of Chennai after receiving a piece of information from credible sources. The raids were reportedly conducted on a jewelry retailer company and a bullion trader.
The searches were conducted by IT Department sleuths at various locations-Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur, and Indore at a time on the 4th of this month.
Though the names of the companies owners were not revealed it is said that the IT officials have detected undisclosed income of over Rs 1,000 crore and unaccounted cash of Rs 1.2 crore.
While conducting raids on the premises of bullion trader, the officials have found unaccounted cash, bogus cash credits, cash credits made in dummy accounts which were made as an advance for purchases, and huge variants in unexplained stock.
On the other hand, during the search operations, the IT Department sleuths have found out that the jeweler company received loans from local financiers and invested in the real estate business.
The company had also made gold purchases worth billions of rupees that went unaccounted for. Wrongful bad debts were claimed and the wastage rates in the conversion of old gold to new gold were also inflated.
The searches were conducted by IT Department sleuths at various locations-Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur, and Indore at a time on the 4th of this month.
Though the names of the companies owners were not revealed it is said that the IT officials have detected undisclosed income of over Rs 1,000 crore and unaccounted cash of Rs 1.2 crore.
While conducting raids on the premises of bullion trader, the officials have found unaccounted cash, bogus cash credits, cash credits made in dummy accounts which were made as an advance for purchases, and huge variants in unexplained stock.
On the other hand, during the search operations, the IT Department sleuths have found out that the jeweler company received loans from local financiers and invested in the real estate business.
The company had also made gold purchases worth billions of rupees that went unaccounted for. Wrongful bad debts were claimed and the wastage rates in the conversion of old gold to new gold were also inflated.
