Income Tax officials raid onion traders in Nashik, prices crash

The Income Tax(I-T) department officials carried out raids in at least twenty-five locations in Nashik linked to the onion trade resulting in onion prices crashing.

The Income Tax department intends to continue the raids for the next three days with as many 120officials involved in the operation, PTI reported.

The raids occurred after I-T officials were informed onion traders in Lasalgaon and surrounding areas in Nashik district were hoarding of onions and planning to inflate prices by creating an artificial scarcity.

The average wholesale onion price was down at least 35 per cent at the Lasalgaon market as a result of the raids, media reports said.