Chennai: The Income Tax Department has uncovered undisclosed revenue over Rs 1000 crore and unaccounted money value over Rs 1.2 crore whereas investigating two Chennai-based groups. One of them is a number one bullion dealer within the state of Tamil Nadu, whereas the opposite is among the greatest jewelry retailers in South India.
The IT officers carried out searches at 27 premises situated in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore in reference to the case.
While looking out the bullion dealer, the department discovered evidences of unaccounted money gross sales, bogus money credit from its branches, money credit in dummy accounts within the guise of advance for purchases, unexplained money deposits in the course of the demonetization interval, bogus excellent sundry collectors and large unexplained inventory variations.
The evidences discovered within the premises of the jewelry retailer revealed that they obtained and repaid money loans from native financiers, had given money loans to builders and made money investments in actual property properties, made unaccounted gold bullion purchases, claimed wrongful dangerous money owed, inflated wastages in conversion of previous gold to effective gold and jewelry making, and so forth.
