• Notification Date: 27-06-2023
• Notification No: N/A

Tax Raids on Gold Traders in Delhi, Kolkata and UP on charges of Illegal Transactions

Officials of the Income Tax Department conducted raids at multiple locations on the premises of bullion traders and jewellers involved in the large-scale buying and selling gold and allegedly using the ill-gotten wealth from these transactions for investing in real estate. 

The raids were carried out in cities, including Lucknow, Ghaziabad, Noida, Kanpur in Uttar Pradesh, Kolkata in West Bengal and Delhi. 

An Income Tax Department team reached the houses of two businessmen in Kanpur and started investigations. 

It is alleged that the ill-gotten money earned from buying and selling gold was being invested in the real estate business. Raids were also being conducted at the locations of real estate traders associated with bullion traders.