I-T raids hawala dealers in Delhi; detects suspect transactions worth Rs 300 crore

Evidece of shell companies uncovered, says CBDT

Tribune Web Desk

Updated At : 03:01 AM Dec 30, 2020 IST

New Delhi, December 29

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 evidence 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.

— PTI

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