I-T raids continue for Day 2 at Ludhiana jewellery firms, departmental store

The raids by the investigation wing of the income tax (IT) department continued at two jewellery firms and a departmental store for the second day on Friday

The raids by the investigation wing of the income tax (IT) department continued at two jewellery firms and a departmental store for the second day on Friday.

The raids by the investigation wing of the IT department continued at two jewellery firms and a departmental store in Ludhiana for the second day. (HT File)

The IT sleuths had raided over 20 premises of these firms situated in Ludhiana and Jalandhar on Thursday. The raids were carried out at Nikkamal Jewellers on the Mall Road, Sardar Jewellers in Ghumar Mandi and Mani Ram Balwant Rai Store near Pavilion Mall. The raids were conducted at residences and stores.

As per information, apart from checking the stock and other records of these firms, the department is also looking into the sale and purchase of properties done by the owners, who are said to have made huge investments in the real estate sector in the past. Some records have also been confiscated by the department for further investigation.

No official statement has yet been issued by the IT department in context to the raids, which were going on till the time this report was filed. Police force has been deployed outside the stores to restrict entry and exit from the premises.