CHENNAI: Search operations in the premises of two Chennai-based groups, including a leading bullion trader in the state and a leading jewellery retailer in South India, have resulted in the detection of undisclosed income of over Rs 1,000 crore, while unaccounted cash of Rs 1.2 crore has been seized so far.
I-T sleuths raided the premises on March 4. According to a statement from Central Board of Direct Taxes, the searches were carried out at 27 premises in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Thrissur, Nellore, Jaipur and Indore.
The evidence found in the premises of the bullion trader revealed that there was unaccounted cash sales, bogus cash credits from its branches, among others. “Searches 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 real estate properties, made unaccounted gold bullion purchases, claimed wrongful bad debts and inflated wastages in conversion of old gold to fine gold and jewellery-making, etc,” it said.