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HomeCrimeTamil Nadu jewellery, bullion groups caught with Rs 1,000 crore in black

Tamil Nadu jewellery, bullion groups caught with Rs 1,000 crore in black

IT Dept carried out searches at 27 premises of of two Chennai-based groups, one of which is a leading bullion trader in Tamil Nadu

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Income tax officers carried out searches in the premises 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 southern India.

The searches were carried out at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, and Indore on 4 March. The searches, so far, have resulted in the detection of undisclosed income of more than Rs 1,000 crore.

The pieces of evidence 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 period, bogus outstanding sundry creditors and huge unexplained stock variations.

The pieces of evidence found in the premises of the jewellery retailer revealed that the taxpayer received and repaid cash loans from local financiers, had given cash loans to builders and made cash investments in properties made unaccounted gold bullion purchases, claimed wrongful bad debts, inflated wastages in conversion of old gold to fine gold and jewellery making, etc.

The two suspect companies are Lalithaa Jewellery and Shiv Sahai and Sons.

The I-T search teams have seized unaccounted cash of Rs 1.2 crore so far. Further investigations are underway. The Central Board of Direct Taxes (CBDT) is the administrative authority for the tax department.

In the case of 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 properties”.

It claimed, the assessee had “made unaccounted gold bullion purchases, claimed wrongful bad debts, inflated wastages in conversion of old gold to fine gold and jewellery making, etc.”

“The searches so far have resulted in the detection of undisclosed income of more than Rs 1,000 crore,” it said.

Tamil Nadu will hold single phase of polls for its 234- member assembly on 6 April.

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