Udayavni Special

I-T dept seizes Rs 62-cr cash after raids on hawala operatives


Team Udayavani, Oct 28, 2020, 1:09 PM IST

New Delhi: The Income Tax Department has made a seizure of at least Rs 62 crore in cash as part of its multi-city tax evasion operation against hawala or entry operators and individuals who prepare fake bills, official sources said on Wednesday.

They alleged that the money is unaccounted and has been seized from various premises including those belonging to a person identified as Sanjay Jain.

The seizure is linked to the searches launched by the department at 42 premises in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa on Monday and the taxman had said that the alleged illegal transactions point to a hawala racket worth about Rs 500 crore.

The cash, in crisp Rs 2000 and Rs 500 notes, was found stashed in wooden almirahs and furniture at the premises that were raided, they said.

The CBDT had earlier said that the action was carried out against “a large network of individuals running the racket of entry operation (hawala-like operation) and generation of huge cash through fake billing”, officials said.

In a statement issued on Tuesday, the Board had said that Rs 2.37 crore cash and jewellery worth Rs 2.89 crore was found along with 17 bank lockers which are yet to be searched.

The Central Board of Direct Taxes (CBDT) is the administrative authority for the I-T department.

“The search has led to seizure of evidences exposing the entire network of the entry operators, intermediaries, cash handlers, the beneficiaries and the firms and companies involved.

“So far, documents evidencing accommodation entries (hawala) of more than Rs 500 crore have already been found and seized,” it said.

Several shell entities and firms were used by the searched entry operators for layering of unaccounted money and cash withdrawals against fake bills issued and unsecured loans given, the Board said.

Describing the modus operandi of the tax evasion racket, it had said personal staff, employees, associates had been made dummy directors and partners of these shell entities and all bank accounts were managed and controlled by these entry operators.

“Statements of such entry operators, their dummy partners/employees, the cash handlers as well as the covered beneficiaries have also been recorded, clearly validating the entire money trail,” the statement said.

“The searched persons were also found to be controller and beneficial owners of several bank accounts and lockers, opened in names of their family members and trusted employees and shell entities, which they were managing in collusion with bank officials, through digital media,” it said.

The CBDT further said the beneficiaries have been found to have made huge investments in real estate properties in prime cities and in fixed deposits to the tune of several hundred crores of rupees.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

ADB approves $190 mn loan to upgrade Bengaluru’s power distribution system

India beat Australia by 11 runs in first T20 International

SC sends notice to K’taka govt over Ragini’s bail plea in drugs case

K’taka: Expert panel recommends banning New Year public celebrations

COVID-19 vaccination drive after scientists’ nod: PM Modi

Indian Navy an outstanding force: Defence Minister Rajnath Singh on Navy Day

1,525 kg of explosives, 6,000 detonators seized in Meghalaya, 6 arrested



Related Articles More

Chargesheet Filed Against Arnab Goswami, Two Others in 2018 Abetment to Suicide Case

Govt Procures 330 Lakh Tonnes of Kharif Paddy So Far at MSP for Over Rs 62,278 Crore

Vijay Mallya’s Property in France Worth Rs 14 Crore Seized under PMLA: ED

PNB Scam: No Bail for Top Official of Mehul Choksi’s Firm

Former IB Director and J&K Interlocutor Dineshwar Sharma Passes Away at 66 Due to Lung Ailment

MUST WATCH

M’luru boat tragedy: Search operation still on for Ansar’s body

Deer falls into well, rescued

Without sulking from his illness, this young man changed his life through agriculture

State government must immediately bring in anti-cow slaughter law: Sri Vishwa Prasanna Tirtha Swamiji

Hamsa Chaitanya Desi Outlet | Desi Products Store Udupi | Documentary by Udayavani

Latest Additions

Chargesheet Filed Against Arnab Goswami, Two Others in 2018 Abetment to Suicide Case

Govt Procures 330 Lakh Tonnes of Kharif Paddy So Far at MSP for Over Rs 62,278 Crore

India Economy Likely to Contract by 10% in FY21, Says Former Planning Commission Member Abhijit Sen

K’taka COVID-19 update: 1247 new cases, 877 discharges, 13 dead on Dec 3

Vijay Mallya’s Property in France Worth Rs 14 Crore Seized under PMLA: ED

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.