IT Jaipur Jewelery, Gems Group raided: Rs 500 crore black money seized

- Four crore cash and 9 crore jewelery seized

- Some of the precious stones were sold in cash and there was no record in the book: from this amount loans were also given in cash at high interest.

New Delhi: The Income-tax department has raided a group involved in the manufacturing and export of Jaipur-based jewelery and colored gemstones and found Rs 500 crore in black money, the CBDT said in a statement.

The income tax department raided five premises of the group and seized Rs 500 crore in black money. During the raid, the income tax department also seized Rs 4 crore in cash and jewelery worth Rs 2 crore.

The CBDT said in a statement that a total of over Rs 500 crore in black income has been recovered from the group. Out of which the group has accepted black income of Rs 3 crore.

The Central Board of Direct Taxes (CBDT) is the highest decision-making body of the income tax department. The CBDT claimed that the group was importing precious stones from African countries and processing them in Jaipur.

The CBDT alleged that some of the gems were sold for cash. Through which black money was created and there was no record of it in the book.

This black money was used to give loans in cash. A financial broker was appointed for this purpose. The documents lending in cash and charging high interest on it have been confiscated by the income tax department.