Income Tax Department Seizes Cash and Gold Worth Crores from Chennai Jewellery Making Units
In a recent operation, income tax authorities in Chennai’s Park Town seized a substantial amount of assets from two jewellery making units. The raid resulted in the confiscation of Rs 1.25 crore in cash and five kilograms of gold bullion, valued at Rs 3.25 crore.
Prompted by intelligence suggesting the illicit exchange of smuggled gold for cash in Park Town, income tax officials swiftly conducted searches at two units located in Edapalayam Street. The operation culminated in the discovery and confiscation of the aforementioned cash and gold.
Notably, the individuals present at the units lacked legitimate documentation for the aforementioned assets, leading to their seizure by the authorities.