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Nashik: Rs. 26 Crore Cash Seized In IT Raid, Rs. 90 Crore In Unaccounted Wealth Uncovered From Jeweler

Income Tax Department Raids on jeweler in Nashik, India. The jeweler is suspected of undisclosed transactions. Income Tax officials seized about Rs 26 crore in cash and documents indicating Rs 90 crore in unaccounted wealth.

Edited By : News24 Desk | Updated: May 26, 2024 14:46 IST
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Income Tax Raids
Income Tax Raids

The Income Tax Department conducted raids on Sunday against Surana Jewellers, a Nashik-based jewelry store, on suspicion of undisclosed financial transactions by its owner. Officials reported seizing around Rs 26 crore in cash during the raids. Additionally, documents indicating unaccounted wealth valued at Rs 90 crore were also confiscated.

According to sources, the Income Tax Department deployed multiple teams for this operation, which included searches at the residences of the jeweller’s family members. The department has not yet issued an official statement regarding the details of the seized assets or the alleged tax discrepancies.

This raid comes amid a wider crackdown by the Income Tax Department on suspected tax evasion, particularly within the jewellery industry. The department gathers information through various sources, including high-value transactions and suspicious financial activities.

The development has caused a stir in Nashik’s business community. Surana Jewellers is a well-known establishment in the city, and the raid has raised questions about potential tax irregularities within the jewellery trade.

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The Income Tax Department is expected to release further details about the raid and the seized assets in the coming days. This will likely include information on the proprietor’s response to the allegations and the department’s next steps in investigating the case.

This incident highlights the importance of transparent financial practices, especially for businesses dealing with high-value transactions. It serves as a reminder that Indian tax authorities are actively pursuing cases of suspected tax evasion.

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First published on: May 26, 2024 02:39 PM IST

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