I-T dept raid finds money laundering worth ₹1,000 crore by Chinese entities

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly indulging…
I-T dept raid finds money laundering worth ₹1,000 crore by Chinese entities

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly indulging in a money-laundering racket involving Rs 1,000 crore using shell or dubious firms, the CBDT said on Tuesday.

The search action has 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 1000 crores over the period. 

A subsidiary of Chinese company and its related concerns have taken over Rs 100 crores bogus advances from shell entities for opening businesses of retail showrooms in India. 

A subsidiary of Chinese company and its related concerns have taken over Rs 100 crores bogus advances from shell entities for opening businesses of retail showrooms in India. 

The tax department found the links to money laundering involving bank employees and chartered accountants. “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,” thr statement read.

“Evidences of foreign hawala transactions involving Hong Kong and US dollars have also been unearthed,” the CBDT said

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