Cash worth Rs 26 crore was recovered during tax raids at Surana Jewellers in Nashik
PTC News Desk: The Income Tax Department conducted raids at many locations of a jewelry company situated in the Nashik region of Maharashtra, resulting in the seizure of around Rs 26 crore of "unaccounted" cash.
After receiving information about suspected tax fraud by Surana Jewellers and its promoters, tax inspectors searched the jewelry company's multiple branches, the promoters' homes, and other places in Nashik, Nagpur, and Jalgaon.
During the roughly 30-hour tax raid, authorities found over Rs 26 crore in cash, mostly in the form of Rs 500 notes.
Examined by the search teams are a number of "incriminating" documents pertaining to purported concealed investments of Rs 90 crore. Tax inspectors allegedly discovered cash hidden in furniture and walls at one of the promoters' homes during the raid.
A number of images taken during the tax search also revealed bundles of Rs 500 notes being stored on a table. Similar to this, the government recovered cash worth Rs 57 crore a few days prior during raids at a shoe seller located in Agra and a few other businesses last week.
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- With inputs from agencies
