Quick Summary
Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of ban
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FAQ :
The Income Tax Department conducted searches based on credible information that Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through shell entities.
The search revealed that over 40 bank accounts were created in various dummy entities, receiving credits of more than Rs 1,000 Crore. Bogus advances of over Rs 100 Crore were also taken by a Chinese company's subsidiary for opening retail showrooms.
Yes, incriminating documents suggest the active involvement of bank employees and Chartered Accountants in hawala transactions and money laundering.
Yes, evidence of foreign hawala transactions involving Hong Kong and US dollars has been unearthed.
Further investigations are currently underway.
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