Vault providers under I-T scanner

Searches are being conducted by the Income Tax Department at the offices of operators who offer safe & vault services to small-time gold traders at Zaveri Bazar to unearth any 'hawala' transactions.

Searches started a few days ago and are continuing, an I-T department source said. Rs 5 crore cash has been seized, they said.

"We conduct searches at Zaveri Bazar every year," the source said.

The objective is to find if hawala operators use such private safe deposit vaults.

I-T sleuths have searched the offices of 34 vault service providers. The traders whose gold they were securing are also being questioned.

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