Chennai: The Income Tax Department has uncovered undisclosed income over Rs 1000 crore and unaccounted cash worth over Rs 1.2 crore while investigating two Chennai-based groups. One of them is a leading bullion trader in the state of Tamil Nadu, while the other is one of the biggest jewellery retailers in South India.
The IT officials carried out searches at 27 premises located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore in connection with the case.
While searching the bullion trader, the department found evidences of 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 demonetization period, bogus outstanding sundry creditors and huge unexplained stock variations.
The evidences found in the premises of the jewellery retailer revealed that they 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 making, etc.
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