I-T raids hawala sellers in Delhi; detects suspect transactions price Rs 300 crore

Image Source : FILE PHOTO I-T raids hawala sellers in Delhi; detects suspect transactions price Rs 300 crore
The Income Tax division raided plenty of hawala operators in Delhi and detected suspect transactions price Rs 300 crore, the CBDT mentioned on Tuesday. The raids resulted within the “seizure of unaccounted cash of Rs 14 crore and bullion worth Rs 2 crore”, it mentioned.
“The search motion has resulted in unearthing of incriminating evidences revealing numerous shell (dummy) entities getting used for elevating bogus buy/sale payments and routing of unaccounted funds via a number of layers of financial institution accounts.
“Such shell entities are closed after two months and new ones are formed,” the Central Board of Direct Taxes (CBDT) mentioned in an announcement.

It mentioned “incriminating documents evidencing suppression of sales and bogus purchases in excess of Rs 300 crore has been detected”.
Hawala denotes dealing with of unaccounted money.
The CBDT frames coverage for the Income Tax division.
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