National News

Rs 1,000-Crore Money Laundering Case: IT Dept Raids Chinese Individuals, Local Contacts

New Delhi: The Revenue Tax Division has carried out raids towards some Chinese language people and their native associates for allegedly indulging in a cash laundering racket involving Rs 1,000 crore utilizing shell or doubtful corporations, the CBDT stated on Tuesday.

It stated the “subsidiary of Chinese company and its related concerns have taken over Rs 100 crore bogus advances from shell entities for opening businesses of retail showrooms in India”.

The Central Board of Direct Taxes (CBDT), that frames coverage for the tax division, stated the searches have been launched primarily based on credible inputs that a couple of Chinese language people and their Indian associates have been concerned in cash laundering and hawala transactions by a sequence of shell entities.

Some financial institution officers have been additionally raided, it stated.

“Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period,” it stated in an announcement with out figuring out the entities concerned.

“Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action,” it stated.

Evidences of overseas hawala transactions involving Hong Kong and US {dollars} have additionally been unearthed, the CBDT stated.


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