Quick Summary
The Income Tax Department carried out search and seizure action on a number of hawala operators engaged in the activity of routing and handling unaccounted cash in Delhi region. The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus purchase/sale bills, and routing of unaccounted funds through several layers of bank accounts. Such shell entities are closed after two months, and new ones are formed. Further,
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FAQ :
The Income Tax Department conducted search and seizure actions on hawala operators involved in routing and handling unaccounted cash in the Delhi region.
Incriminating evidence was found, revealing the use of shell entities for bogus purchase/sale bills and routing of unaccounted funds through multiple bank accounts. Documents evidencing suppression of sales and bogus purchases exceeding £300 crore were also detected.
The search action resulted in the seizure of £14 crore in unaccounted cash and bullion worth £2 crore.
These shell entities are typically closed after two months, and new ones are formed to continue their activities.
No, further investigations are currently in progress.
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