Udaipur: The Income Tax Department has unearthed 50 kilograms of gold worth nearly ₹37 crore and ₹5 crore in cash as it carried out multi-day raids on the properties of businessmen involved in a transport company in Rajasthan.
The IT raids that began on Thursday (November 28, 2024) and continued on Sunday as well have covered 26 locations across Rajasthan, Gujarat, and Maharashtra. Over 200 IT sleuths recovered substantial unaccounted wealth, all allegedly linked to one Golden Transport company in Udaipur.
During the raids, the IT Department opened seven bank lockers of the firm operating in five different cities including Mumbai and Udaipur, an official said. On Day 1 of the raids on Thursday, the IT officials unearthed 25 kg gold and ₹4 crores in cash at the residence of one of the firm's owners, the official said.
Another 25 kg of gold and ₹1 crore cash were discovered in seven lockers opened later, he added. Sources said that the total undisclosed assets including gold, cash, and other properties are estimated to exceed ₹100 crore. The market price of the gold alone is said to be ₹36.36 crore.
The operation is being led by Principal Director Income Tax Department Avdhesh Kumar and Joint Director J S Rao. Of the total gold, ₹18.34 crores worth of bullion was found in Udaipur alone. The Income Tax Department had carried out simultaneous raids in five different cities on Thursday.
Currently, the investigation is underway at two places in Gujarat, one in Mumbai, three in Banswara (Rajasthan), one in Jaipur (Vishwakarma Industrial Area) and 19 in Udaipur.
Sources revealed that officials, during raids, seized crucial financial documents, including income and expenditure records, which are now under scrutiny. Authorities are also examining the company’s bank lockers to trace undisclosed assets and funds linked to the illegal operations. The raids have sent shockwaves through the business community in the region.
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