Jaipur: Income Tax Raid on jewelry firm, realtor

Raids were conducted by the Income Tax Department on various premises of the Jaipur-based jewelry firm, Kiran Fine Jewelers. The raids carried out as many as 38 showrooms and other outlets of the firm all over the country were reportedly prompted by the sudden surge in the transactions of the firm in the post demonetization period that made it a suspect of money laundering converting black money into gold. IT raids were also reported on the premises of a real estate firm, First Stone, in Jaipur the same day.

The five-decade old jewelry firm, Kiran Fine Jewelers, has stores in Jaipur, Mumbai, and Delhi and in the cities of Uttarakhand.  According to sources in the Income Tax Department, the firm’s gold refinery in Uttrakhand was also under scrutiny.
A YouTube video uploaded by some anonymous person this morning, it was seen that the shutter of the jewelry firm’s Vaishali Nagar showroom in Jaipur was down and three police personnel in uniform and three others in civil dress were seen posted outside.

When the Catch News team tried to confirm raids on the First Stone real estate group, someone from the sales department picked up the phone but declined to speak. However, the raid was confirmed by the eyewitnesses. The irony of the raid on the First Stone was that it happened on a day the firm was celebrating its first anniversary. The firm’s Facebook page said, “Spent a splendid day full of surprises on your anniversary? Moving into a #FSRealty home that is registered under the RERA Act will make every day seem like a celebration for years to come.