Massive IT raid in Nashik uncovers Rs 116 crore in unaccounted wealth

In a significant operation by the Income Tax (IT) Department, a 30-hour raid on a gold trader's properties in Nashik resulted in the seizure of Rs 26 crore in cash and documents revealing unaccounted properties worth Rs 90 crore. The extensive raid targeted multiple locations associated with Surana Jewelers in the Canada Corner area. The operation involved 50 officers from various cities, including Nashik, Nagpur, and Jalgaon. The discovery of such a substantial amount of undeclared wealth has sent shockwaves through the local business community, highlighting ongoing efforts to crack down on tax evasion.

The raid, initiated on suspicion of tax evasion, saw IT officials meticulously searching the premises, even breaking furniture to uncover hidden cash. The operation extended to other areas in Maharashtra, including Manmad and Malegaon, where similar actions were taken against local businessmen. The ongoing crackdown has put several tax-evading businessmen on high alert as the IT Department intensifies its efforts to unearth unaccounted wealth across the state. A heavy police presence was maintained at the raid sites to ensure security and order.