Houses of jewellers involved in illegal buying, selling of gold raids by Income Tax

The premises of bullion traders and jewellers engaged in the massive buying and selling of gold were raided by representatives of the Income Tax Department, who are suspected of using the ill-gotten gains from these transactions to invest in real estate.

Several towns, including Lucknow, Ghaziabad, Noida, Kanpur in Uttar Pradesh, Kolkata in West Bengal, and Delhi, saw the raids take place.

When a team from the Income Tax Department arrived at the homes of two businessmen in Kanpur, they began their investigations.

It is stated that the illegally obtained funds used to purchase and sell gold were put into the real estate industry.

Raids were also being carried out at the offices of real estate investors connected to bullion investors.