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.