New Delhi: The Income Tax (IT) department, raided 42 places in the country, in connection with fake billing and Hawala, exposing a hawala racket of Rs. 500 crores. The IT department seized cash worth Rs. 62 crores and ornaments worth Rs. 2.8 crores during the raids.
The Central Board of Direct Taxes (CBDT) said that raids were conducted, by the IT department, at 42 locations in Delhi-NCR, Haryana, Punjab and Uttarakhand and Goa. The raids exposed a network of Entry Operators, mediators, people transacting in cash, beneficiaries and companies involved in these activities. So far, documents of transactions worth more than Rs. 500 crores have been seized.
Many companies and shell companies were used to create fake bills and cash withdrawals. The IT department seized Rs. 62 crores in cash from Sanjay Jain, the chief operator of the racket and other beneficiaries. Ornaments worth Rs. 2.8 crores also were seized. Information regarding 17 bank lockers was also received.
Personal employees and associates were made directors and partners in the companies. Thereafter, all the bank accounts were being operated by Sanjay Jain. Statements of Sanjay Jain, his fake partners and employees, cash handlers and beneficiaries have been recorded. All the transactions were handled electronically through trusted employees and shell companies. Further investigations are on in the matter and there is a possibility of unearthing a large amount of information.
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