Speed Post News Network
New Delhi : The Income-Tax (I-T) Department on December 29, 2020, carried out search and seizure action on a number of hawala operators engaged in the activity of routing and handling unaccounted cash in Delhi region.
The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus purchase/sale bills, and routing of unaccounted funds through several layers of bank accounts. Such shell entities are closed after two months, and new ones are formed, according to a PIB release.
Further, incriminating documents evidencing suppression of sales and bogus purchases in excess of Rs 300 crore has been detected. The search action has resulted in seizure of unaccounted cash of Rs 14 crore and Bullion worth Rs 2 crore. Further investigations are in progress.