1000 crore of unaccounted money found over immediate raids in Tamil Nadu in the last 3 days

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The raids were made on 4th in 27 premises and an amount of 1000 crore was totally found unaccounted for. The searches include a major portion of money from a South Indian major bullion trader jewelry while the name has been not yet disclosed officially.

A Big fish in net

The Central Board of Direct Taxes (CBDT) has been keen on seizing unaccounted money over major money-laundering complaints for the past few months. And it seems like a big fish is likely to fall for the net of the CBDT now.

The searched places include Chennai, Mumbai, Coimbatore, Madurai, Tiruchirappalli, Thrissur, Nellore, Jaipur, and Indore. Unaccounted cash of ₹1.2 crores was also seized during the raids, it claimed.

1000 crore in multiple dummy accounts

The raid in Tamil Nadu gains focus as over 1000 crore of money has been found unaccounted for in multiple accounts of a major bullion trader come, jeweler. The bank accounts were tracked as multiple accounts were found and the queer part was that, most accounts were actually dummy accounts.

Also, the jewelry retailer found that the “taxpayer received and repaid cash loans from local financiers, had given cash loans to builders and made cash investments in real estate properties.”

One-kilogram gold bars are arranged for a photograph at a Tanaka Holdings Co. store in Tokyo, Japan, on Thursday, Feb. 21, 2019. Photographer: Akio Kon/Bloomberg

The economy of the state in a question mark

Also, it claimed, the assessed had “made unaccounted gold bullion purchases, claimed wrongful bad debts, inflated wastages in the conversion of old gold to fine gold and jewelry making, etc.”

The money found has seriously shaken the state’s economic sectors as major banks are brought under surveillance for further investigation.

The money and the failed taxpayer might go through serious circumstances as the evidence found are crucial and will be hard disproving the CBDT had said.

What will be the way to reduce unaccounted money? Will the state come up with something to manage the case?

Comment your thoughts below and join us in the discussion.

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