Assets Over Rs. 1 Billion Detected During IT Raids
Patna: Mar. 15, 2007
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Income Tax Raid at Alankar Jewelers
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Photo by Shashi Uttam |
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Income Tax officials, on Thursday, raided four business establishments and residences owned by one of the most prominent jeweler's family in Patna and Patna City and unearthed a combined assets of Rs. 1,000 crore including Rs. 40 lakh in cash, 13 lockers, and 26 bank accounts that were immediately sealed until further investigation.
The raids were conducted simultaneously at the Alankar Jewelers' showrooms on Boring Road crossing, Sumati Palace, Ashok Rajpath, and Hathua Market and their palatial residences on Boring Road and Patna City during which large amount of cash, unaccounted jewelries valued at several crore rupees, bank accounts, bank lockers, and Reserve Bank of India gold bonds were recovered, Income Tax official S. D. Jha said.
The investigators recovered Rs. 17 lakh in cash from the shop of the eldest brother in the family, Rs. 2 lakh from the second brother, Rs. 18 lakh from the third brother, and Rs. 1.5 lakh from the fourth brother besides documents revealing information about bank lockers and accounts, Jha said.
"It will take several days before the actual extent of tax evasion is determined," he said.
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