NEW DELHI: In its crackdown against hawala operators, the I-T department carried out searches at more than 40 places in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa on Monday and unearthed transactions of more than Rs 500 crore of unaccounted income.
These hawala dealers are also called ‘entry operators’ who help corrupt businessmen, bureaucrats and politicians launder their unaccounted money using shell companies (registered company with fictitious business) where cash is first deposited in a company, circulated digitally within hundreds of such companies to mislead the investigation trail and finally transferred as ‘loan’ to beneficiaries in their bank accounts.
“The searches led to seizure of evidence exposing the entire network of entry operators, intermediaries, cash handlers, the beneficiaries and the firms and companies involved. So far, documents show accommodation entries of more than Rs 500 crore,” the Central Board of Direct Taxes, the cadre-controlling authority of the I-T department, said.
Officials have found details of several shell firms which were used by these entry operators for “layering of unaccounted money and cash withdrawals against fake bills issued and unsecured loans given”. These shell companies had dummy directors and partners, and all bank accounts were controlled by the entry operators. The I-T team has recorded statements of all the accused, including the cash handlers and some beneficiaries, while establishing the money trail. During the search, almost Rs 3 crore in cash and jewellery worth nearly Rs 3 crore were seized.