Probe reveals Proddatur jewellers sourcing gold from Gujarat, Mumbai, Kolkata without relevant documents
In Andhra Pradesh’s Kadapa district, the Income Tax Department has seized about 300 kg of unaccounted gold from four jewellery shops in Proddatur.
The I-T Department officials from Vijayawada and Tirupati seized the gold during the searches for the last four days.
Proddatur is famous for its gold business and the town is called the ‘second Bombay‘ and ‘town of gold’.
The officials found that few jewellers in the town were sourcing gold from various places without invoices.
The searches revealed that the gold was not accounted for in the books.
The officials later transported the seized gold in suitcases and cartons to Tirupati amid high security.
Investigations revealed that the jewellers were sourcing gold from Gujarat, Mumbai, and Kolkata without relevant documents.
The searches were conducted on the tip-off that some top jewellers in the town indulged in alleged black business. Proddatur has more than 1,000 jewellery shops.
The I-T searches at leading shops sent panic in the market with several jewellers downing shutters. This affected the sale of jewellery during the ongoing festival season.
[With Inputs from IANS]
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Proddutor us a small place & 1,000 jewelry shops is a surprise. It does not have that many grocery shops !!
All gold jewelry shops to reconcile the stocks with genuine bills, else the excess stock will be seized by Govt. That should be policy.