Income-tax raids on diamond merchants

Mumbai, May 17 (UNI) Income-tax officials today carried out raids at the diamond hub of the metropolis at 'Panchratna' building at Opera House in South Mumbai.

The raids are currently in progress on four diamond trading firms--'Mazalal Keshvlal', 'Suhash diamonds', 'H P Komal' and 'Mina Gems', IT sources said.

Merchants said the raids had come at a time when there was a slump in the trade.

UNI