IT search irks bullion traders

According to an IT press release, the search also yielded a twisted wire, which led the IT sleuths to a box in a cavity, covered with granite tiles.

Seven such cavities were discovered. The search continued on Saturday and Monday, but was suspended on Monday evening after Suresh Jain, one of the partners in the firm, apparently felt ill around 7.15 pm, and requested a doctor to be summoned.

According to the IT department, Jain was allowed to leave the premises at about 8 pm on the advice of his own physician. By this time a mob gathered outside the showroom started getting restless. The crowd also tried to manhandle members of the search party.

The search was suspended after two chambers of the showroom were sealed in the presence of panchas. The IT team left under police escort. In all, 392 Kgs of silver bars, 18 Kgs of gold ornaments, Rs 35 lakh in cash and 480 kgs of silver utensils and ornaments were found. The silver bars, 12 kgs of gold and Rs 35 lakh in cash are placed under prohibitory orders (sealed), as also two bank lockers, which were revealed during the search.

Meanwhile, panicked by the raids the Bombay Bullion Association, which represents about 250 bullion and jewellery traders of Zhaveri Bazar area , have taken up the alleged harassment by Income Tax sleuths with R K Pathania, IT Director General, (investigation). The Bombay Bullion market too was shut down on Tuesday as a mark of protest.

Over 200 traders observed a one-day strike and a delegation led by M Damani, President, Bombay Bullion Association met the IT Director General. “We went to the Income Tax office and filed a formal complaint against harassment of the dealers.

Three shops were raided continuously for three consecutive days and in the end only a single cabin was sealed. These raids are not good for the market,” said Damani.