40 officials are involved in the investigation at the recently opened Malabar Gold & Diamonds store in Coimbatore owing to an alleged tax evasion.
IT officials are on a raid spree ever since they received a tip-off about alleged tax evasions by companies by rigging the accounting software in Tamil Nadu. Following the raid at Saravana Stores, the officials have now shifted their scrutiny towards Malabar Gold and Diamonds store in Coimbatore.
The four-storey building on Coimbatore’s 100-ft road was raided by 40 officials from 7 am on Tuesday, 26th February, based on the information that there has been alleged tax evasion last year. The store apparently asked its employees to not come to work on Tuesday.
A leading jewellery brand in India, Malabar Gold and Diamonds has been rapidly expanding over the last few years with a humble beginning in the early 90’s in Kozhikode, Kerala.
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