IT Raids in Delhi Unearth a Whopping Rs 250 Crore of Unaccounted Gold from Bullion Traders - chaprama | Insights from the world of Technology and Lifestyle


Saturday, December 24, 2016

IT Raids in Delhi Unearth a Whopping Rs 250 Crore of Unaccounted Gold from Bullion Traders

Post demonetization Black money with the defaulters is slowly coming out. Several raids have been conducted by income tax department and unearthed huge amounts of cash both in new and the scrapped notes. Many have invested heavily in gold with the scrapped 500 and 1000 notes which were witnessed as in the case of Hyderabad wherein 8000 kg of gold was purchased in Hyderabad alone during November 8 and November 30. Now in the fresh round of searches income tax officials have unearthed a whopping Rs 250 crores worth of unaccounted gold from the bullion traders on Friday.


In three separate incidents in Delhi the Income tax (I-T) department, the Enforcement Directorate (ED) and the Directorate of Revenue Intelligence (DRI) had found unaccounted sales of at least Rs 400 crore worth of bullion. The fresh raids were carried by the IT department of four bullion traders in Chandni chowk and Karol bagh and they allegedly exchanged the scrapped notes amounting to over 250 crores with gold bars.

The I-T department carried the searches in 12 shops and 8 residential premises of these four bullion traders.Officials said that these traders converted 250 crore worth of scrapped notes into bullion using multiple bank accounts. These traders own shops in  Kucha Mahajani area of old Delhi and a few in Karol Bagh. 

The IT department officials are investigating the bank accounts of these traders and some shell (inactive) companies through which traders deposited money and directed towards beneficiaries.

Earlier, in IT dept officials conducted raids on  Kucha Mahajani bullion dealers wherein they found that one dealer alone sold 100 crore worth of gold. He, in turn, deposited the old notes in three bank accounts all in the name of shell companies with wrong addresses. The ED has registered a money laundering case and arrested two intermediaries and two bank managers.

In Bengaluru, the officials unearthed 47.4 crores of unaccounted money when raids were carried on 6 bullion traders and jewelers. Similarly, in Agra 12 crores of undisclosed income was seized from bullion group that operates in 11 buildings at different locations.In Allahabad raid on bullion group officials unearthed Rs 1.06 crore and Rs 20 lakh in cash in lockers.

Earlier in Thursday IT investigation group seized Rs 39 crore from the searches carried on the  accounts of Kotak Mahindra Bank at its K G Marg branch in central Delhi

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