RSBL under taxman scrutiny

Leading bullion trading company RiddiSiddhi Bullion (RSBL) has been under the Income Tax scan for some time now, reports say. The company promoted by Prithviraj Kothari was raided by I-T officials last month, as they claim to have some evidence stating that the company has allegedly made payments for false exports and imports, reports suggest. Also, reports suggest that according to the company, the I-T officials had investigated the company accounts last year and conducted 100 percent client verification and did not find anything amiss and the recent raids could be due to ‘a difference of opinion on interpretations of few transactions’. I-T officials are yet to conclude their investigations.

The company headquartered in Mumbai at the 20,000 sq. ft. Bullion House has an annual turnover of Rs.25,000 crore. The man behind the company is called ‘India’s bullion king’ by the gem and jewellery industry. Many in the industry give him credit for shaping the bullion market. He was in the committee as advisor to NCDEX and MCX, two leading commodity future bourses in India. His online spot bullion trading platform has been popular with jewellers for its offerings of transparency, aggressive pricing and quick delivery. The trading platform accounts for about 15 percent of bullion trading in India, reports say.