Income tax conducts raid at 11 locations of SB Ornament across Uttar Pradesh, Delhi

Income Tax official conducted raid at Uttar Pradesh’s one of the leading jewellers’ SB Ornament group’s 11 locations.

The group’s nine locations in Agra and 2 locations in Delhi have been under I-T scanner post demonetisation for black money. The group has an annual turnover of Rs 45,000 crore. The raid was conducted by 80 top income tax officials.  

According to sources, I-T got tipped off by information that large amount of cash has been deposited in the bank by the SB ornament group post December 8 demonetisation drive.  The group has deposited almost 11 crore in a private bank in just one day.
I-T sleuths conducted raids at the office, home and shops of SB ornament.