Two business groups surrender Rs 51.5 cr after I-T raids

A group engaged in precious and semi-precious stone jewellery surrendered Rs 31.5 crore, while the other group, a manufacturer of metal power, surrendered Rs 20 crore as undisclosed income, I-T sources said.

The raid, which began on July 18 on 17 premises of the two groups in the state, came to a close this morning.

During the search at the residential premises of both the groups, cash and jewellery worth Rs 2.78 crore were seized.