Income Tax Department has conducted raids in Nashik as it is investigating the records of both Surana Jewelers and Mahalaxmi Builders to uncover any discrepancy or hidden transactions.
The Income Tax Department raided the shops of bullion traders and offices of developers in Nashik, Maharashtra. In the raid that lasted for 30 hours, the team seized cash worth Rs 26 crore and documents of unaccounted wealth worth Rs 90 crore.
According to the information received, the team from Nashik, Nagpur, Jalgaon took this action. 50 to 55 officers raided the premises of Surana Jewelers as well as the office of his real estate business. An independent team also inspected his luxurious bungalow.
His office, personal locker and bank lockers at various places in the city were also searched. The houses of his family members in Manmad and Nandgaon were probed too. There has been a stir among the businessmen after crores of rupees in cash and unaccounted wealth was found from this Nashik bullion trader.
According to media reports, it took 14 hours to count the cash found in the during investigation. It is being told that this raid is part of a wider probe into undeclared income and potentially suspicious financial activities.
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