I-T Raids at 130 Locations, Including Joyalukkas Jewellery Stores

Shutters down at a Joyalukkas store in Bengaluru’s MG Road. 

(Photo Courtesy: The News Minute)

The Income Tax department has launched raids at over 130 locations across the country, which includes outlets of the prominent jewellery chain, Joyalukkas.

NDTV reported that several showrooms of jewellery chain Joyalukkas are being raided in Chennai over allegations of tax evasion.

The raids began early on Wednesday morning, quoting the income tax officers, NDTV reported. The officials have taken to raiding stores of the chain across the country, over alleged tax evasion.

The News Minute reported that the shops were forced shut, and employees were not allowed inside. An eight-member team is said to be conducting the raids.

Sources in the I-T department say that coordinated raids are being carried out in 133 locations across India including Karnataka, Kerala, Pune and Kolkata. Apart from these locations, the department also raided the chain’s showrooms and corporate office located near Piramal Garden in Ahmedabad, and stores in Rajkot.

An I-T official told TNM that the reason for the raids was owing to suppression of sales and large-scale cash deposits.

Joyalukkas, a prominent jewellery group from Kerala, has branches in over 11 countries and several outlets in the country.

Meanwhile, I-T department officials in Karnataka said raids are being conducted in Bengaluru and Mangaluru, Mumbai, Delhi, Indore and Faridabad as well. They said these raids were in connection with four different groups’ tax evasion cases.

NDTV reported that another Kerala-based jewellery chain, Manjali Jewellers have also come under the tax collector’s scanner.

Among those raided were a range of enterprises from hotel, hospitality and food industries, the I-T department officials added.

(This is a developing story.)

(With inputs from The News Minute.)