NEW DELHI: The Revenue Tax Division has recovered money and jewelry price about Rs 5.26 crore after it carried out multi-city raids in opposition to hawala operators and people who put together faux payments, the CBDT mentioned on Tuesday.
The searches have been carried out on Monday at 42 premises in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa, it mentioned.
The motion was carried out in opposition to “a big community of people operating the racket of entry operation (hawala like operation) and technology of giant money by faux billing”, officers mentioned.
Through the raids, Rs 2.37 crore money and jewelry price Rs 2.89 crore has been discovered together with 17 financial institution lockers that are but to be searched, the CBDT mentioned in a press release.
The Central Board of Direct Taxes (CBDT) is the executive authority for the I-T division.
“The search has led to seizure of evidences exposing your entire community of the entry operators, intermediaries, money handlers, the beneficiaries and the companies and corporations concerned.”
“Thus far, paperwork evidencing lodging entries (hawala) of greater than Rs 500 crore have already been discovered and seized,” it mentioned.
A number of shell entities and companies have been utilized by the searched entry operators for layering of unaccounted cash and money withdrawals in opposition to faux payments issued and unsecured loans given, the Board mentioned.
Describing the modus operandi of the tax evasion racket, it mentioned private workers, workers, associates had been made dummy administrators and companions of those shell entities and all financial institution accounts have been managed and managed by these entry operators.
“Statements of such entry operators, their dummy companions/workers, the money handlers in addition to the lined beneficiaries have additionally been recorded, clearly validating your entire cash path,” the assertion mentioned.
“The searched individuals have been additionally discovered to be controller and helpful house owners of a number of financial institution accounts and lockers, opened in names of their members of the family and trusted workers and shell entities, which they have been managing in collusion with the financial institution officers, by the digital media,” it mentioned.
That is being additional investigated, it added.
The CBDT additional mentioned the beneficiaries have been discovered to have made large investments in actual property properties in prime cities and in mounted deposits to the tune of a number of hundred crores of rupees.