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CBDT unearths Rs 1,000 crore hawala network of Chinese companies in Delhi, Ghaziabad and Gurugram

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CBDT reveals Rs 1,000 crore hawala community of Chinese language corporations in Delhi, Ghaziabad and Gurugram

Earnings-Tax division performed raids on premises of few Chinese language people and their India associates for working a cash laundering racket price Rs1,000 crore, the Central Board of Direct Taxes stated on Tuesday. It stated the “subsidiary of Chinese language firm and its associated considerations have taken over Rs 100 crore bogus advances from shell entities for opening companies of retail showrooms in India”.

The sleuths of I-T division reportedly raided a complete of 21 corporations primarily based in Delhi, Ghaziabad and Gurugram area. The shell entities have been getting used for executing cash laundering actions.

“Primarily based on the credible info that few Chinese language people and their Indian associates have been concerned in cash laundering and hawala transactions by sequence of shell entities, a revenue tax search motion was mounted at varied premises of those Chinese language entities, their shut confederates and couple of financial institution workers, CBDT stated in an announcement.

It additional stated that the search motion revealed that on the behest of Chinese language people, greater than 40 financial institution accounts have been created in varied dummy entities, coming into into credit of greater than Rs. 1000 crores over the interval. “A subsidiary of Chinese language firm and its associated considerations have taken over Rs. 100 crores bogus advances from shell entities for opening companies of retail showrooms in India.”

Additional, incriminating paperwork in respect of hawala transactions and laundering of cash with lively involvement of financial institution workers and Chartered accountants has been discovered because of search motion. Evidences of international hawala transactions involving Hongkong and US {dollars} have additionally been unearthed. Additional investigations are underneath progress, The CBDT stated.

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Shreya Sharma

Hey this is Shreya From ShoppersVila News. I'm a content creator belongs from Ranchi, India. For more info contact me [email protected]

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