December 17, 2016 9:10:19 pm
Income Tax Department on Saturday seized Rs 9 lakh new currency notes during a raid at a Ludhiana-based jewellery outlet, the owner of which also surrendered unaccounted wealth of Rs 15.40 crore. The income tax sleuths seized about Rs 14 lakh cash and one kg gold in this operation, I-T officials said.
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The searches were launched at a prominent jewellery shop at college road and residence of the jeweller in Gurdev nagar on Thursday and continued till last night, they said.
The jeweller has surrendered Rs 15.40 crore as undisclosed income, officials said adding some incriminating documents was also recovered during the operation.
Preliminary investigation conducted by the department has revealed that the jeweller allegedly sold gold jewellery at higher rates, helping customers to convert their black money into white post demonetisation move by the Centre.
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