Chennai: The Income Tax Department has uncovered undisclosed income of over Rs 1 billion and an unaccounted cash value of more than Rs 1.2 million while investigating two Chennai-based groups. One of them is a leading bullion dealer in the state of Tamil Nadu, while the other is one of the largest jewelry retailers in South India.
TI officials conducted searches at 27 facilities located in Chennai, Mumbai, Coimbatore, Madurai, Trichy, Trissur, Nellore, Jaipur and Indore in connection with the case.
While searching for the bullion dealer, the department found evidence of unaccounted for cash sales, fake cash credits from its branches, cash credits on fictitious accounts under the guise of advance payments for purchases, unexplained cash deposits during the demonetization period, Various false outstanding creditors and huge amounts of unexplained stock variations.
Evidence found at the jewelry retailer’s premises revealed that they received and repaid cash loans from local financiers, had made cash loans to builders and made cash investments in real estate, made unaccounted for gold bullion purchases, claimed bad debts illicit, inflated waste in the conversion of old gold into fine gold and jewelry, etc.
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