IT searches in Mumbai, Surat, connected with diamond trade

The Income Tax officials today conducted searches at the premises of several businessmen who were found to have issued bogus bills, fake purchase/ sale vouchers to diamond merchants and others in Mumbai, Surat and Jaipur.
"We have conducted searches on those businessmen and business houses who issue bogus bills, cash against cheque and other fake vouchers to diamond merchants and others," said an official.
Even fake firms were found to have been floated for issuing bogus bills, an Income Tax department source said.
Simultaneous searches were conducted at 50 locations in Mumbai, Surat and Jaipur.
According to the officials, they were looking for extent of tax evasion in these fake transactions.

A diamond trader told PTI here that searches were conducted at Panchratna complex and Opera House area, which are the hubs of diamond trade in Mumbai, as well as in Jaipur and Surat.