Income Tax (IT) department teams are conducting a series of raids on gold and diamond jewelry showrooms and traders in Proddatur town in Kadapa district. Proddatur is referred to as the “second Mumbai” in the gold industry.
According to sources, the I-T department has been in the know for a few days regarding the purported trading of gold and diamonds that were transported to Proddatur from various states and countries without bills.
For the past four days, the I-T teams have been conducting raids on well-known sellers and retailers of gold and diamonds.
Large amounts of gold, diamonds, and cash are purportedly have been taken by the teams from different showrooms, according to sources. Proddatur town alone has at least 2,000 jewelry-related stores, and it serves as a hub for other regions of the state as well as neighboring states.
