Income Tax Seize ₹26 Crore Cash After Raids Against Nashik-Based Jewellers

Income Tax Seize ₹26 Crore Cash After Raids Against Nashik-Based Jewellers

According to IT department officials, about Rs 26 crore in cash and documents of unaccounted "wealth" worth Rs 90 crore have been seized during the searches.

Dharmesh ThakkarUpdated: Monday, May 27, 2024, 03:05 AM IST
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Income Tax seize ₹26 crore cash after raids against Nashik-based jewellers; massive recovery made | Dharmesh Thakkar

Nashik: The Income Tax department swooped down on grape city of Nashik and raided jewellery chain to seize Rs 116 crore in unaccounted cash and assets in searches lasting over 30 hours on the weekend.

The tax men raided the proprietors of Nashik based Surana jewellers for alleged undisclosed transactions and seized Rs 26 crore in cash and documents of unaccounted wealth worth Rs 90 crore.  

“Multiple tax teams conducted search operations in Nashik on prominent bullion trader and jeweller for tax evasion and unaccounted assets,” confirmed a senior tax official. 

The tax sleuths from Nagpur and Jalgaon units raided and searched the Surana jewellery store chain and residences of the proprietor suspecting tax evasion and facilitating hawala transactions of several crores linked to last week Income Tax raids on Nanded based Bhandari brothers running unlisted chit funds, micro finance, leasing, gold loan and real estate firm for unaccounted assets of Rs 170 crore including Rs 14 crores cash and 8 kg of gold.

It was followed by raids on Ashokraj Angadia Courier Service at Kothadi Bazar, Akola for providing hawala services to several entrepreneurs, traders and coaching classes for unaccounted income and tax evasion. 

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