11 Feb I-T Division reveals Rs 20,000 crore hawala, cash laundering racket in Delhi
The Revenue Tax Division on Monday claimed to have busted a nexus of hawala operators who have been operating a cash laundering racket within the nationwide capital estimated to be price Rs 20,000 crore.
Official sources within the division stated a “sequence of” raids and surveys have been performed by sleuths of the Delhi investigation unit of the I-T Division over the previous couple of weeks in numerous enterprise areas of previous Delh
These operations led to unearthing of unlawful monetary actions by three teams of operators, a senior official stated.
A survey was performed on one such group within the Naya Bazar space, that led to the detection of bogus billing of about Rs 18,000 crore. This group had floated a dozen bogus entities for offering pretend payments, the official stated.
The identities of the accused weren’t disclosed by the division.
Within the second case, a “extremely organised” cash laundering racket has been unearthed the place present transactions in well-known shares have been fraudulently camouflaged as being gross sales of previous shares held for years, the official stated
He stated this fashion, the beneficiaries have been discovered claiming “bogus long-term capital good points.”
The taxman suspects the magnitude of this purported rip-off to be over Rs 1,000 crore.
“This determine seems to be the tip of the ice berg. This modus operandi has been discovered to be happening for a few years,” the official stated.
The division equally performed searches in opposition to a gaggle and located “undisclosed overseas financial institution accounts and a nicely established racket of claiming bogus obligation draw again/GST by over-invoicing of exports.”
“Preliminary estimates of such bogus exports is greater than Rs 1,500 crore,” the official stated.
The search groups have seized signed, un-signed papers, MoUs, agreements, money loans and curiosity earned there upon, paperwork of settlement of monetary disputes in money, receipt of money in settlement of disputed immovable properties amongst others of round Rs 100 crore, he stated.
“Proof of arranging overseas journeys and overseas foreign money abroad to individuals on endeavor these journeys have additionally been observed vis-a-vis probe within the third case,” the official stated.
The overall quantity of tax evasion detected is anticipated to be round Rs 20,000 crore, he stated.