IT searches underway at premises linked to diamond traders in Surat

Surat: The Surat branch of the Income Tax Department has launched search operations at multiple premises linked to some of the city’s leading industrialists and diamond traders. The action reportedly targeted Anil Bagdana of the Mahakal Group and his partners Tarun Bhagat and Pravin Bhoot, along with Dhiru Gajera of Laxmi Diamond.

A large team of IT officials is carrying out searches at business offices, residences and project sites in Surat and Mumbai. Officials are reportedly examining financial documents, digital records and stock details related to the diamond trade. It is learnt that the operation was launched following inputs about alleged tax evasion and unaccounted financial transactions, triggering concern across Surat’s business and diamond circles. DeshGujarat