CHENNAI: : Following a crackdown on four jewellers on eight premises covering their business houses and residences in Tiruvannamalai district, officials of the Income Tax (Investigation) wing, claimed to have detected "concealed income" to the tune of Rs. 6.25 crores.

Highly-placed official sources told The Hindu on Thursday that the search and seizure operation was carried out following a tip-off by "informants". It took place from 11 a.m. on September 13 and concluded at 6 a.m. on September 14.

The sources said as many as 130 personnel were involved in this unprecedented search operation that took place in the temple town targeting the jewellers, against whom the Department had specific intelligence about concealment of "actual sales and transactions besides huge stocks of gold jewellery, which were not shown in the book of accounts nor accounted for".

Cash amounting to Rs. 49 lakhs and gold jewellery valued at Rs. 12 lakhs were seized from the residential premises. In addition, unaccounted gold jewellery and silver articles valued at Rs. 4.5 crores were found on the business premises. The IT (Investigation) wing has issued orders prohibiting for 60 days transaction of business and sought explanations about unaccounted gold jewellery and cash seized.

A similar search was conducted on a jewellery shop at Anna Salai last weekend and "unaccounted gold jewellery" was seized, the sources said.

They said the Central investigating agency's probe into seizures effected in Tiruvannamalai had not been completed and the crackdown would continue on jewellers in Tamil Nadu if it had specific intelligence on illegal transactions and unaccounted business dealings.

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