At least Rs 62 crore in cash had been seized by the Income Tax Department as as a part of its multi-city tax evasion operation in opposition to hawala or entry operators and people who put together pretend payments in Delhi. According to the officers, the cash is unaccounted and has been seized from numerous premises together with these belonging to an individual recognized as Sanjay Jain. The seizure is linked to the searches launched by the division at 42 premises in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa on Monday and the taxman had stated that the alleged unlawful transactions level to a hawala racket value about Rs 500 crore.
The cash, in crisp Rs 2000 and Rs 500 notes, was discovered stashed in wood almirahs and furnishings on the premises that had been raided, they stated.
The CBDT had earlier stated that the motion was carried out in opposition to “a large network of individuals running the racket of entry operation (hawala-like operation) and generation of huge cash through fake billing”, officers stated.
In a press release issued on Tuesday, the Board had stated that Rs 2.37 crore cash and jewelry value Rs 2.89 crore was discovered together with 17 financial institution lockers that are but to be searched.
The Central Board of Direct Taxes (CBDT) is the executive authority for the I-T division.
“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, paperwork evidencing lodging entries (hawala) of greater than Rs 500 crore have already been discovered and seized,” it said.
Several shell entities and firms were used by the searched entry operators for layering of unaccounted money and cash withdrawals against fake bills issued and unsecured loans given, the Board said.
Describing the modus operandi of the tax evasion racket, it had said personal staff, employees, associates had been made dummy directors and partners of these shell entities and all bank accounts were managed and controlled by these entry operators.
“Statements of such entry operators, their dummy companions/workers, the cash handlers in addition to the lined beneficiaries have additionally been recorded, clearly validating your complete cash path,” the statement said.
“The searched individuals had been additionally discovered to be controller and helpful house owners of a number of financial institution accounts and lockers, opened in names of their relations and trusted workers and shell entities, which they had been managing in collusion with financial institution officers, by digital media,” it said.
The CBDT further said the beneficiaries have been found to have made huge investments in real estate properties in prime cities and in fixed deposits to the tune of several hundred crores of rupees.
(With inputs from PTI)