IT raids on gold jewellery shops in Proddutur, 300 kg gold seized

There are more than 2,000 gold and jewellery shops in the city. However with the latest raids, the remaining gold traders became concerned and shut down their shops.

TIRUPATI: The Income Tax department conducted raids in several jewellery shops in Proddatur, YSR Kadapa district, on the fourth consecutive day on Sunday and has seized approximately 300 kg of gold without proper invoices.

The Income Tax department officials from Vijayawada and Tirupati inspected several shops specifically at Busetti Jewellers and Diamonds, Gururaghavendra and Tallam shops in Proddutur for the last four days after a tip-off that gold was illegally being imported on a large scale from other places without bills.. The IT sleuths shifted the siezed gold to Tirupati in special vehicles packed in suitcases.

Proddutur is famous for gold trade after Mumbai. There are more than 2,000 gold and jewellery shops in the city. However with the latest raids, the remaining gold traders became concerned and shut down their shops leaving the gold customers disappointed during the auspicious Dussehra season.