Income Tax conducts raids at over 100 stores of Indian jewellery Joyalukkas.

Stores of this Indian jewellery group Joy alukkas combined with another company are being searched on charges of alleged tax evasion.

Income Tax department officials on Wednesday raided showrooms belonging to Kerala-based jewellery chain Joyalukkas and MJ Gold in 130 locations across the country for alleged tax evasion and huge transactions in the months following demonetisation.

"The raids are going on from Wednesday morning.  

We're looking into money deposits into bank account and huge transactions between gold and diamond jewellery instantly following demonetisation, he added. The Joyalukkas branch in T Nagar were among those which were raided on Wednesday.