I-T raids on jewellery chains

Transactions after demonetisation under scanner

Tax trouble: The Joyalukkas branch in T Nagar were among those which were raided. K. Pichumani

I-T officials search

jewellery showrooms

Income Tax department officials on Wednesday raided showrooms belonging to Kerala-based jewellery chain Joyalukkas and MJ Gold in 130 locations across the country for alleged tax evasion and huge transactions in the months following demonetisation. “The raids are going on from Wednesday morning. The raids are being conducted across Tamil Nadu, Kerala, Karnataka, Telangana, Andhra Pradesh, Gujarat and Maharashtra,” said a senior official. from Income Tax department.

We are looking into cash deposits into bank accounts and huge transactions involving gold and diamond jewellery immediately after demonetisation, he added. The Joyalukkas branch in T. Nagar was among those which were raided on Wednesday.