[ad_1]
New Delhi:
The Income Tax Department has performed raids towards some Chinese people and their native associates for allegedly working an estimated Rs 1,000 crore price cash laundering racket utilizing shell or doubtful corporations, the Central Board of Direct Taxation mentioned right this moment.
The division raided at the least two dozen premises in Delhi, Gurgaon and Ghaziabad as a part of the motion beneath which it lined the Chinese, a few of their Indian associates and financial institution officers, the Central Board of Direct Taxes mentioned in a press release.
The CBDT is the policy-making physique for the tax division. It mentioned 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 CBDT mentioned the searches had been launched primarily based on “credible inputs that a few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through a series of shell entities.”
A Chinese man, who allegedly holds a faux Indian passport, is alleged to be the kingpin of the racket aside from few different nationals of that nation.
They mentioned the Chinese man had acquired ready the faux Indian passport from Manipur and has been detained by the division as searches are persevering with.
The tax officers have shared the knowledge of alleged possession of faux Indian passport with police authorities who’re anticipated to ebook him for violation of the Passport Act.
The police many later arrest him and even the Enforcement Directorate might take over the case for investigation beneath the prison provisions of the Prevention of Money Laundering Act, they mentioned.
“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,” the CBDT mentioned in a press release 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 mentioned.
Evidences of international hawala transactions involving Hong Kong and US {dollars} have additionally been unearthed, the CBDT mentioned.
India not too long ago banned 59 Chinese apps (Internet primarily based cellular purposes) within the aftermath of a seamless standoff between the militaries of the 2 international locations in Ladakh.
(Except for the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)
[ad_2]
Source hyperlink