Massive Income Tax Raids Uncover ₹116 Crore Unaccounted Assets in Nashik
Income Tax department conducts massive raids on Nashik-based jewellers
Income Tax RaidsNashik JewellersTax EvasionHawala TransactionsSurana JewellersReal Estate NewsMay 26, 2024
The raids were conducted on the proprietors of Surana jewellers, who are suspected of tax evasion and facilitating hawala transactions of several crores. The tax sleuths searched the Surana jewellery store chain and residences of the proprietor, suspecting undisclosed transactions and unaccounted assets.
The raids are linked to last week's Income Tax raids on Nanded-based Bhandari brothers, who were running unlisted chit funds, microfinance, leasing, gold loan, and real estate firms for unaccounted assets of ₹170 crore, including ₹14 crores cash and 8 kg of gold. The tax department also raided 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.
The Income Tax department has been cracking down on tax evaders and those involved in hawala transactions, and these raids are a significant step in this direction.
The Income Tax department has been conducting raids and searches across the country to unearth unaccounted wealth and assets. These efforts are aimed at curbing tax evasion and bringing more people under the tax net.
The Income Tax department is a government agency responsible for the collection of taxes and enforcement of tax laws in India.
Frequently Asked Questions
What was the amount of unaccounted cash seized by the Income Tax department?
₹26 crore
What was the value of unaccounted wealth seized by the Income Tax department?
₹90 crore
Where were the raids conducted by the Income Tax department?
Nashik
What was the duration of the searches conducted by the Income Tax department?
Over 30 hours
What is the name of the jeweller who was raided by the Income Tax department?
Surana jewellers
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