The Income Tax department recently conducted raids on jewellery shops in Proddatur, YSR Kadapa district for four consecutive days. They found around 300 kg of gold without proper invoices. The officials from Vijayawada and Tirupati inspected specific shops, including Busetti Jewellers and Diamonds, Gururaghavendra, and Tallam shops. They had received a tip-off about the illegal import of gold without bills. The seized gold was transported to Tirupati in special vehicles.
Proddutur is known for its gold trade, second only to Mumbai. The city has over 2,000 gold and jewellery shops. However, due to the recent raids, other gold traders have become worried and closed their shops. This has disappointed gold customers, especially during the festive season of Dussehra.
