The money, in banknotes of Rs 2000 and Rs 500, was found hidden in almirahs, furniture. (Representative)
New Delhi:
The Income Tax Department seized at least Rs 62 crore in cash as part of its tax evasion operation in several cities against hawala or entry operators and individuals who prepare false invoices, official sources said on Wednesday.
They alleged that the money had not been counted and had been seized at various premises, including those belonging to a person identified as Sanjay Jain.
The seizure is linked to searches launched by the department in 42 premises in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa on Monday and the tax authorities said the alleged illegal transactions pointed to a hawala racket worth around Rs 500 crore.
The money, in banknotes of Rs 2000 and Rs 500, was found hidden in wooden almirahs and furniture in the premises which were raided, they said.
The CBDT had previously stated that the action had been taken against “a vast network of individuals managing the entry racketeering operation (hawala type operation) and the generation of huge cash through false invoicing”, reported officials said.
In a statement released on Tuesday, the board said rupees 2.37 crore and jewelry worth 2.89 crore had been found along with 17 bank lockers that have yet to be searched.
The Central Commission for Direct Taxes (CBDT) is the administrative authority of the I-T department.
“The search led to the seizure of evidence exposing the entire network of entry operators, intermediaries, cashiers, beneficiaries and the businesses and businesses involved.
“So far, documents attesting to accommodation (hawala) entries of more than Rs 500 crore have already been found and seized,” he said.
Several shell entities and businesses have been used by the wanted entry operators to overlay unrecorded money and cash withdrawals against fake bills issued and unsecured loans issued, the council said.
Describing the modus operandi of the tax evasion racketeering, he said that the personal staff, employees, associates had been appointed directors and bogus partners of these front entities and that all bank accounts were managed and controlled by these operators of Entrance.
“Statements from these entry operators, their fictitious partners / employees, cash handlers as well as covered beneficiaries were also recorded, clearly validating the entire money trail,” the statement said.
“The people searched were also found to be controllers and beneficial owners of several bank accounts and lockers, opened in the name of their family members and trusted employees and front entities, which they managed in collusion with bank officials, through digital media, “told me.
The CBDT further said that beneficiaries had made huge investments in real estate properties in major cities and term deposits to the tune of several hundred crore rupees.
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)
