The search operations were carried out at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Nellore, Jaipur and Indore.
The evidences found in the premises of the bullion trader revealed that there were unaccounted cash sales, bogus cash credits from its branches, cash credits in dummy accounts in the guise of advance for purchases, unexplained cash deposits during the demonetisation period, bogus outstanding sundry creditors and huge unexplained stock variations.
The evidences found in the premises of the jewellery retailer revealed that the taxpayer received and repaid cash loans from local financiers, had given cash loans to builders and made cash investments in real estate properties, made unaccounted gold bullion purchases, claimed wrongful bad debts, inflated wastages in conversion of old gold to fine gold and jewellery.
Further investigations are in progress. (UNI)