Jewellers, bullion traders on I-T radar for huge cash deposits

Income Tax department today conducted searches at 50-odd premises of jewellers, bullion traders, money lenders and their middlemen, who have allegedly deposited huge cash into their bank accounts post-demonetisation, said officials.
The searches were conducted in Ahmedabad, Mehsana and Visnagar cities upon receiving a specific information about the cash deposits, said a senior I-T official.
"We have conducted searches at 50-odd premises of two well-known bullion traders, seven jewellers, two money lenders and around seven middlemen. Searches were made at their residential and commercial establishments in these three cities" said an official.
According to him, these traders and jewellers came on their radar after large amount of cash was found to be deposited in their bank accounts after the Centre announced scrapping of high value currency notes in November last year.

"We have found that these traders and jewellers had deposited huge amount of cash into their bank accounts after notes ban decision. The search operation is still going on and it will continue for another two days," said the official.
I-T department officials refused to reveal names of individuals on whose premises search operation was being conducted.