I-T raids on jewellers unearth 105 kgs of gold

Three more premises, including one factory, are still under prohibitory orders, and the seizure of gold is likely to increase by the end of this week. Those covered are mainly manufacturers of gold chains.

The jewellers include Prashant Jewellers, Sejal Jewellers, Chain and Chain and Sangam Jewellers. Accountants of some of the assessees also allegedly confessed that the stock registers were not authentic and were made on the basis of oral instructions by owners.

The issue of gold for manufacture and the purchases allegedly did not tally, sources in the directorate said. Most of the assesses were filing returns of Rs one to five lakh though their turnover was in the region of Rs two to four crore.

One of the assessees, Khyalilal Tater of Prashant Jewellers, allegedly obstructed the I-T team when they were searching his premises. He was arrested. The team had tried to seize his papers relating to cash transactions in the construction business.