Wednesday, June 19, 2024
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IT raids unearth unaccounted money

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By Our Reporter

 SHILLONG: The recent raid on Manikchand Jewellers, a well known jewellery dealer of Guwahati, at its showrooms, residences, offices and factories has unearthed several crores of jewelleries and Rs 1 crore in cash, which are unaccounted and beyond known sources of the jewellery group.

Confirming this, an IT source informed that Manikchand Jewellers is expected to disclose around Rs20 crore to the IT Department as taxes and other cases is under process as per IT Laws against the group.

The IT source also informed that besides unaccounted cash other documents in the form of National Savings Certificates, Kisan Vikas Patras and other such savings documents were seized from the entire group.

Manikchand Jewellers also has about 7/8 branches within Guwahati city with separate branches in Kolkata and Bangalore.

Apart from the jewellery business, Manikchand Jewellers also have two factories in the Industrial Park at Amingaon, Guwahati manufacturing plastic furniture and supplying the same in the commercial market.

The IT department has freezed all the bank accounts of Manikchand Jewellers in the country on Thursday following the raid.

The raid was initiated by Income Tax Office (ITO), North Eastern Region (NER), Guwahati and is billed as one of the biggest IT raids in the region.

Manikchand Jewellers deals in gold, diamond and platinum jewelleries.

Informing that the seized items are of various denominations, such as 5gm, 10gm and more, which has taken more time to actually come up with the actual valuation and to centralize the same.

The raid was conducted simultaneously in Guwahati, Kolkata and Bangalore after IT sleuths were pressed into service by ITO, NER.

The IT source said that the raid was a very successful one.

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