Sleuths from the Income Tax Department on Friday conducted search and seizure operations on the premises of two prominent real estate developers in Bengaluru, Gopalan Enterprises and VRR Builders. They have also uncovered Rs. 47.74 crore of undisclosed income of seven well-known jewellers and bullion traders, most of which is post-demonetisation.
I-T officials claimed that demonetised high denomination notes were used to buy bullion.
Search operations were conducted on multiple premises belonging to Gopalan Enterprises, and VRR Builders.
Over 25 teams of I-T officials had fanned out across the city, searching multiple premises, and the operations were still on.