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

Manipal: Senior Doctor Dr. Asha Bhat passes away 

Belagavi dons festive look to host centenary Congress session

India’s Martina Devi clinches silver at Asian Junior Weightlifting Championships

U’khand: 3 killed, 24 injured as bus falls into gorge in Bhimtal

Man tries to immolate self near parliament, taken to hospital

SC restrains ED from accessing seized electronic devices of ‘lottery king’ Santiago Martin

16-year-old girl gang-raped in UP’s Ballia, both accused arrested

Related Articles More

One dead, 20 rescued after tourist boat capsizes off Calangute beach in Goa

Anna University girl student ‘sexually assaulted’, Biryani seller held

Man hacked to death for opposing drug abuse in Kerala

Three fake policemen arrested for extorting money through honey trap in Delhi

U’khand: 3 killed, 24 injured as bus falls into gorge in Bhimtal

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Manipal: Senior Doctor Dr. Asha Bhat passes away 

Belagavi dons festive look to host centenary Congress session

One dead, 20 rescued after tourist boat capsizes off Calangute beach in Goa

Couple dies in fatal accident near Sampaje

Kodagu: Man seriously Injured in tiger attack

Thanks for visiting Udayavani

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