IT dept conducts searches at bullion major Riddhi Siddhi Bullion Limited in Mumbai

8220;We have conducted searches in the premises of Riddhi Siddhi Bullion Limited in and around Mumbai,including the premises of its Managing Director Prithviraj Kothari8221;,said an Income Tax source.

The searches commenced early in the morning and will go on late night. 8220;The searches are still going on and the picture will be clear by tonight or tomorrow,8221; the source said.

The income tax sleuths are going through all the documents of the company,including bank documents and internal books,to assess if there was any tax evasion.

8220;We are also counting the bullion and cash found in the premises8221;,according to the source.

Meanwhile,Kothari termed the searches as 8220;routine8221;,saying they do not have any connection with the IPL fixing scam at all.

8220;This is a routine income tax survey which does not have any connection with the IPL at all8221;,Kothari said in a statement,apparently referring to a media report.

He said 8220;the survey was being conducted at various companies in Mumbai and not only at RSBL8221;.