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Updated December 16th, 2023 at 09:57 IST

IT department raids jewellery shops in Bengaluru

The raids are a component of the IT department's attempt to closely examine these businesses' financial dealings.

Piyush Gupta
IT raids various locations of land dealers in Jharkhand and West Bengal
Representative image of Income Tax Department office | Image:ANI
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A number of Income Tax (I-T) raids are presently taking place in Bengaluru, with a focus on jewellery stores all throughout the city. The raids are a component of the IT department's attempt to closely examine these businesses' financial dealings.

The activities, which are being carried out at a number of notable places, such as MG Road, Mahalakshmi Layout, Girinagar, and Banashankari, have drawn a lot of interest from the general public and the business sector. Notably, Madhukar Kamath, who is central to the ongoing investigations, is said to be the owner of these jewellery stores.

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A jewellery store on Mahatma Gandhi Road next to Mayo Hall was one of the main targets of the I-T raids. To conduct the inspections, a group of six I-T officers in three automobiles drove up to the scene. An I-T official was seen waiting in front of the MG Road jewellery store, which was supposed to open at 10:30 am, as a result of the probe, which has raised public anticipation.

These raids' principal goal is still to find evidence of any financial irregularities or tax fraud in the jewellery industry. Further information on the results of these activities should become available as the I-T investigations progress.

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Published October 31st, 2023 at 14:13 IST

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