Income Tax officials are raiding showrooms and offices of jewellery behemoth Joyalukkas and another firm connected with it across the country over allegations of tax evasion on Wednesday.
The I-T sleuths are raiding 130 premises of the business houses in the cities of Chennai, Hyderabad, Thrissur and other locations in Kerala, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Delhi and West Bengal, sources told PTI.
"The searches are following allegations of tax evasion. We will be able to share more information later," a senior Income Tax officer told NDTV.
The action, they said, is aimed at checking alleged tax evasion following demonetisation in the two firms. Tax sleuths detected huge cash deposits and sale figures of gold, diamond and jewellery in their accounts.
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The Chennai wing of the department is coordinating the nation-wide action, involving over 100 tax sleuths and a number of police teams, sources said.
Joyalukkas has a 130-showroom network spread across 11 countries, including Qatar, Oman, Bahrain, India and the UK.
In 2015, Indian-origin John Paul Joy Alukkas made it to the list of Asia's top 10 wealthiest millennials, with a personal fortune of $820 million.
The 29-year-old Alukkas, executive director Joyalukkas group and son of its chairman Joy Alukkas were ranked 8th wealthiest on the Wealth-X list of millennials -- defined as those born from 1981 to 1997, as per the global wealth intelligence and prospecting company.
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In 1987, Joy Alukkas went to UAE to explore the untapped market. He then set up his first shop in Abu Dhabi followed by Dubai, Sharjah, Al Ain and Ras al-Khaimah. The expansion since then has continued to rope in countries such as India, UK, Qatar, Oman, Bahrain, Kuwait and Saudi Arabia and Singapore.
I-T searches 130 premises of south India-based jewellery
chains
New Delhi, Jan 10 (PTI) The Income Tax Department today conducted country-wide searches at over 100 stores and other premises belonging to two major south-India based jewellery chains on charges of alleged tax evasion, official sources said.
The action is being carried out against Kerala-based jewellery group Joyalukkas and another firm connected with it.
