Income tax department raids finance firm, gold dealer in Coimbatore

COIMBATORE: Income Tax department officials today carried out raids in four branches of a Kerala-based finance company involved in gold loan business and a gold dealer here.

The raids were conducted based on information that the dealer had transacted huge money reportedly through the Kottayam-headquartered finance firm having branches across the city during the demonetisation period, police said.

A seven-member team of I-T officials raided the office and house of the owner of the gold dealing company.

They reportedly found a large number of transactions had taken place through his account during the period when the high value currency notes were scrapped in 2016 November, they said.