In a significant development in Jaipur, the Income Tax (IT) Department has seized Rs 9.65 crore in cash, along with gold and silver jewellery weighing 12.61 kilograms, following a raid on several businesses linked to tent dealers and event management companies. This marks the first-ever instance in Rajasthan where the IT Department has successfully seized a cryptocurrency account during a raid.
Numerous places affiliated with some of the top traders in event planning and catering including Taluka Tent House and Jai Oberoi Caterers were searched by the department on Sunday night; there were also Mapsoor, Bhavna Charan, and Anand Khandelwal. These companies are yet believed to be operating in conjunction with other accommodation and event management insider sources, which include hotel operators, wedding planners, florists, and caterers newly entered into the fraternity.
Key findings of raid
Sources say that during a raid, the IT Department found cash worth 9.65 crore rupees. It also seized 12.61 kilos of gold and silver jewellery, which cost nearly Rs. 10.25 crore. The government even found a cryptocurrency account belonging to one of the investigated taxpayers. When asked to provide the password to access this account, the taxpayer reported refusal. So, the IT officials living under the agency managing that particular account for freezing it.
The Income Tax Department's first seizure of a cryptocurrency account in this way in Rajasthan marks a new development in the ongoing effort by its officials to scan the state to find illegal financial irregularities.
Connections to event management and hospitality sectors
The raids have revealed links between the seized assets and a network of resort owners, hotel operators, wedding planners, and catering businesses. The IT officials suggest that these industries have been working in cahoots to evade taxes and launder money through illegal channels, including cryptocurrency investments.
Broader implications of raid
Finding a cryptocurrency account and a huge amount of cash shows how increasing the use of digital currencies and unaccounted money has become in Rajasthan's business ecosystem. The IT Department has intensified its activities around industries, particularly hospitality and event management, that could routinely be subjected to financial improprieties and transactions in cash.