IT department just raided a renowned diamond merchant in Mumbai for dealing in banned notes

The Income Tax department has raided the house of a diamond merchant and his nephew, who is known to be quite popular publicly. The IT authority alleged that the duo were dealing in banned notes after demonetization.

The raids were conducted in Bharat Diamond Bourse (BDB), Mumbai's diamond hub.

While an official report is awaited, the ET had reported earlier that some diamond merchants are dealing in scrapped notes after November 8 when the Rs 500 and Rs 1000 notes got banned.

Tax authorities from Scindia house raided four mid sized bullion dealers in Zaveri Bazaar last month after they deposited huge amounts of old notes immediately in the aftermath of demonetisation.