On 7 March, the Income Tax Ministry raided the premises of the 'biggest' businessman of South India, a 'leading' bullion businessman and jewelry business, which revealed an undisclosed income of Rs 1,000 crore. The Central Board of Direct Taxes reported on Sunday. The board, however, has not disclosed the premises of which traders have been raided. The Income Tax Ministry raids were conducted on March 4 at 27 campuses in Chennai, Mumbai, Coimbatore, Madurai, Tiruchirapalli, Thrissur, Nellore, Jaipur, and Indore.

The Central Board of Direct Taxes (CBDT) claimed that Rs 1.2 crore of undisclosed cash was also seized during the raids. The CBDT issued a statement claiming that evidence has been uncovered from evidence obtained from the premises of the bullion practitioner that cash has been created in 'dummy' accounts under the guise of cash sales, fake cash credits, loans for the purchase. In this case, it has been said that apart from this, information has also been received regarding depositing cash during the period of demonetization.

According to the information received, the Central Board of Direct Taxes (CBDT) is the administrative authority of the tax department. In the jewelry seller's case, it was found that "the taxpayer took a cash loan from local financiers and repaid them, gave a cash loan to the builders and has also invested cash in real estate". The board also claimed that the concerned businessman had purchased the gold without accounting. It has said, "So far, the undisclosed income of more than one thousand crore rupees has been detected in the raid."It is noteworthy that in a phase on April 6 in Tamil Nadu, voting will be held for the 234-member assembly.

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