Wednesday, July 9, 2025
spot_img

I-T department seizes 300 kg of unaccounted gold in Andhra Pradesh

Date:

Share post:

spot_imgspot_img

Shillong, October 22: In a recent operation spanning four days, officials from the Income Tax (I-T) Department, hailing from Vijayawada and Tirupati, successfully confiscated approximately 300 kilograms of unaccounted gold from four jewelry stores located in Proddatur, a town nestled within Andhra Pradesh’s Kadapa district.

As per IANS, Proddatur is renowned for its flourishing gold business, often affectionately referred to as the ‘second Bombay’ and the ‘town of gold.’ However, it appears that not all aspects of this gold trade were as pristine as its reputation suggested. I-T Department officials uncovered that certain jewelers in the town were discreetly procuring gold from various sources, all without the requisite invoices.

What made this situation even more alarming was the discovery that these significant quantities of gold were entirely unaccounted for within the shops’ books. In an operation conducted under tight security, the seized gold was subsequently transported in suitcases and cartons to Tirupati for further examination.

The investigation also shed light on the fact that these jewelers had been sourcing their gold from regions such as Gujarat, Mumbai, and Kolkata, all without the necessary supporting documentation, raising serious concerns of potential irregularities.

This meticulous operation was initiated based on a tip-off that certain prominent jewelers in the area might be involved in clandestine activities. With Proddatur boasting over 1,000 jewelry shops, the I-T Department’s actions sent ripples through the market. As a result, numerous jewelers opted to temporarily close their shutters, causing disruptions in the sale of jewelry, especially during the ongoing festival season.

spot_imgspot_img

Related articles

LoP Gandhi to address key issues concerning farmers, tribals, women during Odisha visit

Bhubaneswar, July 9: Odisha Pradesh Congress Committee President, Bhakta Charan Das, on Wednesday announced that Congress MP and...

Ravi Shankar Prasad slams opposition over Bihar bandh, alleges pressure tactics on judiciary

New Delhi, July 9: Senior BJP MP and former Union Minister Ravi Shankar Prasad launched a scathing attack...

Punjab Police foil terror plot backed by Pakistan’s ISI

Chandigarh, July 9: Punjab Director General of Police (DGP) Gaurav Yadav said here on Wednesday that the state...

16th Agriculture leadership conclave: Argentina reaffirms commitment to agri-cooperation with India

New Delhi, July 9: At the two-day Agriculture Leadership Conclave 2025, Argentina underlined the importance of its deepening...