Coimbatore : Income Tax department officials are carrying on raids in four branches of a finance company, involved in gold loan business, and on the premises of a gold dealer in Big Bazaar Street in the city.

The raids were being conducted based on information that the gold dealer had transacted a huge money reportedly through the Kerala-based financial firm having branches across the city, police sources said.

The raids began in the wee hours and was continuing, they said. A seven-member team of officials first raided the office and house of the owner of the gold dealing firm and reportedly found that a large number of transactions happened through his account during the demonetisation period, they said.

Moreover, there was information that transactions were high of late and preliminary investigation revealed that they were through the financial firm, Officials are carrying out raids in four branches of the firm in Koundanpalayam, Cross Cut Road, City Railway station and Oppanakara Street, they said.