Income tax raid unearths unaccounted money from Ahmedabad jewellers
Income tax officials, who carried out raids on traders, realtors and jewelers, unearthed unaccounted money to the tune of Rs32 crore.
Income tax officials, who carried out raids on traders, realtors and jewelers, on Friday unearthed unaccounted money to the tune of Rs32 crore. The raids covered six firms, including three jewellers in the city and a Kadi-based builder.
The raids covered six different groups, including Jayesh Steel and Mascot Infrastructure. The firms have admitted that they were having unaccounted money of Rs32 crore, said officials.Sources said that three jewellers were found to have disclosed Rs11crore of unaccounted money. The jewellers are Ashapura Jewellers on CG road, KG Chain Pvt Ltd at Manek Chowk, and NS Jewellers on CG Road.
The jewellers are said to have been caught for keeping overstock. Officials said that there was a huge difference between stocks registered in the log book and what they found physically.The two groups _ Jayesh Steel and Mascot Infrastructure _have reportedly diverted their unaccounted money in land deals.
Officials sealed 13 bank lockers of these groups. On Thursday, the officials had seized Rs70 lakh cash from the builder. Investigation was going on.