I-T department raids hawala operatives across Punjab, Delhi
The Income Tax Department has recovered cash and jewellery worth about Rs 5.26 crore after it carried out multi-city raids against hawala
New Delhi: The Income Tax Department has recovered cash and jewellery worth about Rs 5.26 crore after it carried out multi-city raids against hawala operators and individuals who prepare fake bills, the CBDT said on Tuesday.
The searches were carried out on Monday at 42 premises in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa, it said.
During the raids, Rs 2.37 crore cash and jewellery worth Rs 2.89 crore has been found along with 17 bank lockers which are yet to be searched, the CBDT said in a statement.
"The search has led to seizure of evidences exposing the entire network of the entry operators, intermediaries, cash handlers, the beneficiaries and the firms and companies involved.
"So far, documents evidencing accommodation entries (hawala) of more than Rs 500 crore have already been found and seized," it said.
"The searched persons were also found to be controller and beneficial owners of several bank accounts and lockers, opened in names of their family members and trusted employees and shell entities, which they were managing in collusion with the bank officials, through the digital media," it said.