Well known Mumbai diamond merchant raided by I-T authorities

MUMBAI: A diamond merchant and his well known nephew are learnt to have been raided by income tax authorities for allegedly dealing in scrapped currency post demonetisation, according to diamond market sources.

The raids were conducted in Bharat Diamond Bourse ( BDB), Mumbai's diamond hub.

An I-T official was not immediately available for comment. ET had reported in its December 29 of ED scrutinising certain entities within the diamond trade for dealing in scrapped notes post demonetisation after November 8. Sources within the diamond trade believe that ED could have shared information with the tax department.

Tax authorities from Scindia house raided four mid sized bullion dealers in Zaveri Bazaar last month after they deposited huge amounts of old notes immediately in the aftermath of demonetisation.