New Delhi, Aug 11 (PTI) The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly indulging in a money laundering racket involving Rs 1,000 crore using shell or dubious firms, the CBDT said on Tuesday.

It said the "subsidiary of Chinese company and its related concerns have taken over Rs 100 crore bogus advances from shell entities for opening businesses of retail showrooms in India".

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The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, said the searches were launched based on credible inputs that a few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through a series of shell entities. 

Some bank officials were also raided, it said.

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"Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period," it said in a statement without identifying the entities involved.

"Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action," it said.

Evidences of foreign hawala transactions involving Hong Kong and US dollars have also been unearthed, the CBDT said. PTI NES RDM RDM 08112204 NNNNwhite-and-red strip of Ajax and the orange shirt of the national team, closing down opposing forwards before driving forward along the sideline with speed few could match.

For a few years, no team or coach had a clue how to counter “Total Football,” allowing Ajax to win three straight European Cups from 1971-73. Suurbier was there all along.

Then came 1974, Dutch soccer's most exhilarating and traumatic year. With long hair and untucked shirts, they cruised through the early stages of the World Cup in West Germany, entertaining the the world with dazzling performances.

Moments ahead of the final, Suurbier and his teammates were still joking and making light of the momentous occasion. They led West Germany 1-0 after a minute, but then it all fell apart as the methodological Germans came back to win 2-1.

Suurbier stuck with the national team for four more years, and he came even closer to winning the World Cup in 1978. The Dutch hit the post in the final minutes of regulation time, when a goal would have given them the title. In the end, they lost to host Argentina 3-1, and Suurbier's international career was over.

He later joined Cruyff at the Los Angeles Aztecs in 1979, but his career was sliding. He stayed in the United States for more than three decades, working various coaching jobs and even as a bartender.

As reliable as he was on the field, Suurbier was known for being a happy-go-lucky character off it. He is remembered as much for his pranks about disappearing socks, and worse, as about the trophies he won. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)