IT raids on hawala operators, seized Rs 62 crore - Newztezz Online


Thursday, October 29, 2020

IT raids on hawala operators, seized Rs 62 crore


New Delhi: The Income Tax department has seized Rs 62 crore in a major crackdown on hawala operators. The IT department conducted operations in more than one city and raided hawala and entry operators who prepared false bills. Officials said Rs 62 crore was seized in it. Officials said there was no accounting of the rupee and it was seized from various places in which a person named Sanjay Jain was identified.

The IT department on Monday raided various places in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa. An official said there was an alleged illegal transaction pointing to a Rs 500 crore hawala racket. Rs 2,000 and Rs 500 crore notes were found in wooden cupboards and furniture at the places where the raids were carried out.

The CBDT had earlier said that the action was taken against a large network which was collecting large amount of cash through entry operation (hawala-like operation) and false bills. In a statement issued on Tuesday, the board said it had received cash worth Rs 2.37 crore and jewelery worth Rs 2.89 crore. In addition, 17 bank lockers have also been found which are still under investigation.

The Central Board of Direct Taxes (CBDT) is the administrative authority for the IT department. The red has opened up an entire network of entry operators, intermediaries, cash handlers, beneficiaries and companies, the board said. So far, documents relating to hawala worth Rs 500 crore have been recovered and confiscated.

Explaining the modus operandi of the tax evasion racket, the board said that individual staff, employees, those associated with the company were made false directors and partners of these false companies. In addition all bank accounts were managed and controlled by these entry operators.

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