Kerala: Income Tax raid uncovers Rs 380 cr tax evasion and money laundering at Al Muqtadir Jewellery
By Deepu Mohan | First Published Jan 10, 2025, 4:33 PM ISTA major income tax raid on Al Muqtadir Jewellery in Kochi uncovered Rs 380 crore in tax evasion and large-scale money laundering, with inspections at 30 stores revealing unrecorded transactions and a Rs 400 crore gold trade fraud.
Kochi: A major income tax raid on Al Muqtadir Jewellery has revealed significant tax evasion and large-scale money laundering operations. The Income Tax Department has uncovered Rs 380 crore in tax evasion across Kerala alone. The ongoing investigation, led by the Income Tax Investigation wing, has involved inspections at 30 stores throughout the state.
The raid uncovered that Al Muqtadir Jewellery had been operating a money chain model, accumulating crores of rupees. This illicit money was allegedly used for personal transactions, including a transfer of Rs 50 crore abroad and investments in Dubai. Shockingly, none of these transactions were recorded in the company’s income tax returns.
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Additionally, the income tax authorities have also uncovered a Rs 400 crore fraud linked to the gold trade between Al Muqtadir and Unique Chains, a gold purchasing establishment based in Mumbai. The investigation is being carried out by the Income Tax Investigation unit from Thiruvananthapuram.
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