By IANS
Mumbai : The Income Tax department Tuesday conducted a series of raids on the premises of commodity exchange traders in Mumbai and several other cities across the country.
"We have conducted search operations on 50 Multi Commodity Exchange (MCX) traders in Mumbai since this morning and investigations are still on," said a senior Income Tax official of the Mumbai Circle, but he refused to divulge details.
Asked if the department was raiding others apart from MCX traders, the official said that only MCX traders were being searched as part of a countrywide survey.
"We are raiding the offices of some MCX traders and even their residences, but no stock brokers have been raided during the search operations," the official said.
However, trading sources said that the raids were a follow up of investigations into official tax record discrepancies.
"Such raids are routine," sources here told IANS Tuesday.