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Ludhiana: IT raids conclude at jewellers, departmental store after three days
The raids, which commenced on Thursday morning, were carried out at Nikkamal Jewellers at Mall road, Sardar Jewellers near Aarti chowk and Mani Ram Balwant Rai in Ludhiana (departmental store having its main branch near Kailash cinema chowk).
The Income Tax (IT) raids at two jewellers and a departmental store concluded after three days on Saturday late evening.
The raids, which commenced on Thursday morning, were carried out at Nikkamal Jewellers at Mall road, Sardar Jewellers near Aarti chowk and Mani Ram Balwant Rai (departmental store having its main branch near Kailash cinema chowk).
The investigation wing of the IT department raided over 20 premises of these firms situated in Ludhiana and Jalandhar on Thursday. The raids were conducted at residences and stores.
Tension had gripped the market and associates of the firms as IT sleuths had also confiscated their financial records for further investigation.
Police force was deployed outside the premises as entry and exit to the stores was restricted. After the raids concluded, the stores opened on Sunday.
Apart from checking the stock and other records of these firms, the department also looked 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. The department also suspects suppression of income by the owners to evade tax.
No official statement has yet been issued by the IT department regarding the findings of the raids.
