Coimbatore: Income Tax authorities today raided two jewelry and bullion shops in Coimbatore with credible information pointing sudden surge in transactions during demonetisation period.
Coimbatore: Income Tax authorities today raided two jewelry and bullion shops in Coimbatore with credible information pointing sudden surge in transactions during demonetisation period.
With over 800 retail jewellery shops and 300 wholesale jewelry and bullion shops functioning in the city, the IT officials held a surprise raid at Sri Vasavi Jewelry in Big Bazaar Road, Coimbatore.
A six-member team of IT officials are also holding raids at the residence of the jewellery shop owner Balamurugan in Gandhipark. In another road, the IT sleuths raided a wholesale shop named Kandha Silvers owned by Rajesh.
According to credible sources, the raids are ongoing for four than three hours. It is reported that the raids are being carried out on complaints that they had allegedly made transactions of several crores of rupees during demonetization aiding conversion of black money converted into gold at inflated prices.