The Income Tax Department on Tuesday carried out search and seizure actions on a number of hawala operators engaged in the activity of routing and handling unaccounted cash in the 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.
Further, incriminating documents indicating the suppression of sales and bogus purchases in excess of ₹300 crore has been detected.
The search action has resulted in seizure of unaccounted cash of ₹14 crore and bullion worth ₹2 crore.
Further investigations are ongoing.
(Published from PIB)