Searches and Seizures! Rs 300 cr of hawala smoked out
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New Delhi, December 30: Evidencing suppression of sales and bogus purchases in excess of Rs 300 crore, the Income Tax Department on Wednesday 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.
"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", the official noted. Earlier the month, the CBDT had revealed similar chain of incidents happening in the north Delhi where more than Rs 450 crores were seized.
The ITDeptt carried out search & seizure action in Delhi on a no of hawala operators engaged in routing & handling unaccounted cash.
— Income Tax India (@IncomeTaxIndia) December 29, 2020
Seizure of unaccounted cash of Rs. 14crore &Bullion worth Rs. 2crore has been made. Evidence of bogus purchases/sales of over Rs. 300crore detected pic.twitter.com/KG3e0FJh3y
Hawala is an informal method of transferring money without any physical money actually moving. Interpol defines hawala as money transferred without money movement. Another definition is simply 'trust'. Hawala is used today as an alternative remittance channel that exists outside of traditional banking systems.