The AI tracked the suspicious transactions between the two entities and alerted the department, I-T officials said.
The raid has been continuing at the places of the jeweller and the realtor that developed two biggest townships in Kanpur.
“Many units were sold in cash in these two townships and the cash generated was invested in bullion and others through the jewellery company,” sources said.
These investments and the transactions could not escape the AI-backed system and it instantly sent out alerts. The screening of these alerts led to raids and this could possibly be one of the biggest cases of tax evasion.
The raids, which were conducted at 17 locations initially, later stretched to 55 locations in Uttar Pradesh, Delhi and Kolkata.
On Sunday, the I-T officials, said to be 250 in number, recovered 12 kg of gold that was hidden in the floor of a BMW car. In total, 70 kg gold and silver has been recovered.
The teams seized documents related to properties in large numbers, said sources. Many people into the bullion trade and employees of the jeweller who was raided were being questioned.
“Several people have been summoned for questioning also and the period of raid is likely to be increased further by 24 to 48 hours,” said the I-T department officials. The raids started on June 22.
Apart from the owners of a jewellery firm, the raids were also continuing at the offices and houses of two bullion traders.
According to the officials, the I-T teams recovered cash and property papers, details of investment into real estate from the office of one bullion trader.
–Ajit Weekly Newsamita/dpb
News Credits – I A N S
