MEERUT, Feb. 6 -- The state tax department on Thursday seized undeclared gold, silver and diamond jewellery worth around Rs.33 crore in an alleged tax evasion case involving a jeweller in Sambhal district, officials said. The seizure followed simultaneous raids by a 10-member enforcement team at the trader's showroom and residence, with the search operation continuing for nearly 21 hours.

During the operation, the jeweller deposited Rs.1.20 crore on the spot as a penalty, according to department officials.

Officials said the department had been receiving continuous intelligence inputs indicating that several traders were allegedly taking advantage of rising precious metal prices and were involved in the purchase and sale of gold and sil...