Anantapur: Income Tax (IT) department teams are conducting a series of raids on gold and diamond jewellery showrooms and traders in Proddatur town in Kadapa district, known as the 'second Mumbai' in the gold business.
Sources said the I-T department reportedly received information about alleged trading of gold and diamonds without bills by transporting them from different countries and states to Proddatur for the past few days.
The I-T teams have been conducting raids on well-known gold and diamond shops and sellers for the past four days.
Sources said the teams have reportedly seized huge quantities of gold, diamonds, and cash from various showrooms. At least 2,000 jewellery-related shops exist in Proddatur town alone, and it has been a hub for other parts of the state and neighboring states.
In view of the series of raids, most of the shops in Proddatur were closed.
