Hyderabad: The income-tax department is likely to file at least five more criminal cases against jewellers with investigating agencies such as the Telangana state and AP police, similar to those filed on Musaddilal Jewellers Private Limited.
Sources said five to six big jewellers located in Hyderabad, Vijayawada and Visakhapatnam had resorted to a similar method to convert black money into gold on November 8 and 9, following demonetisation of old notes.
A source said, “We are working on similar modus operandi of black money conversion running into crores of rupees using fictitious names. After booking criminal cases, the ED will be asked to probe under the Prevention of Money Laundering Act.” I-T sleuths are verifying a few other cases of suspicious declarations made under the Income Disclosure scheme.
