IT raids on MBS Jewelleries

The Income Tax department on Thursday conducted simultaneous raids on the shops and business establishments of Musaddilal Bhagawat Swarup (MBS) Jewelleries in the city following reports of tax evasion by the jewelleries.

Besides IT department staff other department personnel were also engaged in the raids. The raids were conducted at shops in Basheerbagh and Punjagutta localities.

The officials also conducted raids on the residences of shop owner since morning.

However, the officials declined to provide details as the operation was in the progress. The shop-owners are not available for comments.