Income Tax Raids on Nashik Jewellers Result in Seizure of Rs 116 Crore in Cash and Assets

The Income Tax Department on Sunday conducted a raid on Maharashtra's Nashik-based Surana Jewellers in response to alleged undisclosed transactions by its proprietor.  According to IT department officials, about Rs 26 crore in cash and documents of unaccounted wealth worth Rs 90 crore have been seized during the searches.

Reports suggest that the Income Tax Department formed different teams to conduct this raid, which also included searches at the residences of family members.This operation by the Income Tax Department lasted for an extended period. The discovery of such a significant amount of property with a bullion trader has sparked discussions. Currently, officials are endeavouring to determine the source of the businessman's substantial wealth.