<strong>Tax Department seized 50 Kg Gold and Cash worth Rs.5 Crore in raids at Rajasthan Transport Company</strong>

The Income Tax Department discovered 50 kg of gold valued at about Rs.37 crore and Rs.5 crore in cash, during multi-day raids on the premises of businessmen involved in Rajasthan transport company.

There have been 26 locations in Rajasthan, Gujarat, and Maharashtra targeted by the IT raids that started on Thursday, November 28, 2024, and lasted on Sunday. Significant unaccounted wealth was recovered by more than 200 IT officers, all of whom were purportedly connected to a single Golden Transport business in Udaipur.

The IT Department opened seven bank lockers belonging to the company, which operates in five different locations, including Mumbai and Udaipur, during the raids, according to an official. According to the official, during the first day of the raids on Thursday, the IT officials found 25 kg of gold and Rs. 4 crores in cash at the home of one of the company's owners.

He stated that seven lockers that were later unlocked had an additional 25 kilogram of gold and Rs. 1 crore in cash. According to sources, the overall estimated value of unreported assets, including cash, gold, and other properties, exceeds Rs. 100 crore. According to reports, the gold's market value alone is Rs. 36.36 crore.

Joint Director J S Rao and Principal Director Avdhesh Kumar of the Income Tax Department are in charge of the operation. Bullion worth Rs.18.34 crores of the entire gold was discovered in Udaipur alone. On Thursday, the Income Tax Department conducted raids in five separate places at the same time.

Two locations in Gujarat, one in Mumbai, three in Banswara, Rajasthan, one in Jaipur (Vishwakarma Industrial Area), and nineteen in Udaipur are now the locations of the investigation.

According to sources, officials collected important financial documents during raids, including records of income and expenses, which are currently being examined. In order to track down unreported assets and money connected to the illicit activities, authorities are also looking through the company's bank lockers.

IT Department discovered 50 kg of gold valued at about Rs.37 crore and Rs.5 crore in cash, during multi-day raids on the premises of businessmen involved in Rajasthan transport company.

Tax Department seized 50 Kg Gold and Cash worth Rs.5 Crore in raids at Rajasthan Transport Company

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