Summary:
Sources said it was the first such raids to be conducted at such a massive scale in Loha Mandi in past several years. GHAZIABAD: As many as 13 teams of income tax (IT) department on Monday conducted raids at the premises of six iron traders and suppliers in Loha Mandi and seized over Rs 1 crore in cash. Sources said the raids were based on the prior information that the traders were reportedly not maintaining the books of accounts properly, and also evading tax liability worth several crores. Around Rs 1 crore worth of cash and jewellery were also seized from these high-profile individuals. The worth of jewellery and bullion is yet to be ascertained, officials said..