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IT raids on three firms in Ludhiana: Cash, jewellery worth ₹11-crore seized
The investigation wing of the IT department raided over 20 premises of the two jewellers and a departmental store situated in Ludhiana, Jalandhar and Delhi, including residences and stores
The officials of the Income Tax (IT) department have seized cash and jewellery worth ₹11-crore from different premises of the two jewellers and a departmental store, which were raided from November 24 to 26.
It is not yet clear how much amount has been recovered from which firm, but the department has also confiscated records, including those of properties suspecting suppression of income up to ₹100-crore to evade tax, as stated by one of the senior officials of the IT department. The records will be scrutinised during further investigation. No official statement has yet been issued by the department about the raids.
The raids were carried out at Nikkamal Jewellers on 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, Jalandhar and Delhi, including residences and stores.
Apart from checking the stock and other records of these firms, the department also looked into properties sold or purchased by the owners, who are said to have made huge investments in the real estate sector in the past.
The income tax department had also conducted raid at Nikkamal jewellers in 2016, a few days after demonetisation.
