Income Tax Department unearths Rs 20,000 cr Hawala racket in Delhi

Last Updated: Monday, February 11, 2019, 22:38
Income Tax Department unearths Rs 20,000 cr Hawala racket in Delhi

The Income Tax Department has busted a nexus of hawala operators who were running a money laundering racket in Delhi estimated to be worth over 20 thousand crore rupees. Official sources said, a series of raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Department over the last few weeks in different business areas of old Delhi. The operations led to unearthing of illegal financial activities by three groups of operators. A survey was conducted on one such group in the Naya Bazar area, that led to detection of bogus billing of about 18 thousand crores. The sources said, the group had floated a dozen bogus entities for providing fake bills.

In the second case, a money laundering racket was unearthed where current transactions in shares were fraudulently camouflaged as being sales of old shares held for years.
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