Income Tax Department conducts Search on a group of individuals, Hawala dealers and Businessmen in Raipur

hawala - Hawala Transactions - Taxscan

On 27.02.2020, Income Tax Department conducted a search on a group of individuals, hawala dealers, and businessmen in Raipur.

The search action was mounted on the basis of credible inputs, intelligence and evidence of the generation of huge unaccounted cash from liquor and mining business and transfer of the same to public servants, huge cash deposits during the demonetization period, accommodation entries from shell companies, undisclosed investment in properties, etc. Subsequently, based on evidence found during the search, a few other premises were also covered inconsequential actions.

Incriminating documents and electronic data seized during the search show that a substantial amount of illegal gratification was being paid to public servants and others every month. Further, daily details of unaccounted sales, bank accounts opened in the names of employees having transactions worth crores and an unaccounted bank account have been found.

Details of Benami vehicles, hawala transfers, transfer to Kolkata-based companies and creation of shell companies with the huge land banks have also been found and seized. Search has also resulted in the seizure of a substantial amount of cash. The total unaccounted transactions unearthed to date are over Rs. 150 crores and the figure is likely to substantially increase after the seized evidence and leads found during the search are further scrutinized and investigated. The search action and investigations are continuing and a number of Prohibitory Orders have been placed, including on several bank lockers.

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