The income tax department seized unaccounted gold worth around Rs 80 crore from three jewellers in Proddatur in AP’s Kadapa district in the last three days of searches.
The searches yielded around 140 kg gold which was not accounted in the books indicating huge ‘black business’ in Proddatur, the I-T investigation wing Searches were carried out on Bushetty Jewellers, Thallam Jewellers and another jeweller.
Taxmen found that the unaccounted gold was sourced from Gujarat, Mumbai and Kolkata. Proddatur is known for its gold and cotton trade and is called as ‘second Bombay of India.’ It is also called the ‘town of gold’ because of large-scale jewellery business.
A source inincome tax department said: “We are trying to get more details on gold business done by top Proddatur jewellers in the last three years.”
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Unaccounted gold worth Rs 80 crore seized in AP
The income tax department has seized unaccounted gold worth approximately Rs 80 crore from three jewellers in Proddatur, Andhra Pradesh. The search operation yielded around 140 kg of gold, suggesting a significant amount of black business in the area. The unaccounted gold was sourced from Gujarat, Mumbai, and Kolkata. The income tax department is now investigating the gold business conducted by prominent Proddatur jewellers over the past three years. Proddatur is known for its gold and cotton trade and is often referred to as the “town of gold.
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