Tax raids on Jaipur wedding planners reveal Crypto use, Rs 20 cr in cash & jewels seized
hidden cash trails in the books of large wedding planners in Jaipur, the tax men have stumbled upon something they least expected: Cryptos.
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Some of the organisers of these extravagant marriages appear to be regular users of cryptocurrencies— primarily converting the cash received from clients into cryptos, and perhaps occasionally even carrying out some of the transactions with the virtual digital assets.
More than Rs 20 crore worth of cash and jewellery have been seized and three crypto wallets have been frozen during the raids conducted last week on around 20 premises. In the course of the search operations, Income Tax (I-T) officials spotted the mention of more crypto accounts in WhatsApp chats.
“The assessees refused to share passwords. Emails were sent to the nodal compliance officers (of the exchanges). The accounts have been frozen and the balances were obtained...” said a tax official.
Searches Likely in Other Cities
“This is the first time the department has come across undisclosed cryptocurrency accounts during a search in Rajasthan,” the person said.
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