India News | I-T Raids Hawala Dealers in Delhi; Detects Suspect Transactions Worth Rs 300 Crore
Get latest articles and stories on India at LatestLY. The Income Tax department raided a number of hawala operators in Delhi and detected suspect transactions worth Rs 300 crore, the CBDT said on Tuesday.
New Delhi, Dec 29 (PTI) The Income Tax department raided a number of hawala operators in Delhi and detected suspect transactions worth Rs 300 crore, the CBDT said on Tuesday.
The raids resulted in the "seizure of unaccounted cash of Rs 14 crore and bullion worth Rs 2 crore", it said.
"The search action has resulted in unearthing of incriminating evidences revealing various shell (dummy) entities being used for raising bogus purchase/sale bills and routing of unaccounted funds through several layers of bank accounts.
"Such shell entities are closed after two months and new ones are formed," the Central Board of Direct Taxes (CBDT) said in a statement.
It said "incriminating documents evidencing suppression of sales and bogus purchases in excess of Rs 300 crore has been detected".
Hawala denotes handling of unaccounted cash.
The CBDT frames policy for the Income Tax department.
(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)