Income tax raid unearths Hawala Transactions

Photo: DNA India

IT Department Searches Chinese Entities Over Hawala and Money Laundering

After the Income Tax Department conducted a search operation against some Chinese entities, evidences gathered indicated that they were involved in money laundering and "hawala" transactions involving Hong Kong and US dollars. "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.1000 crores over the period," said CBDT official spokesperson Surabhi Ahluwalia.

 

Wed, 12 Aug 2020 - 01:55 AM / by Antara Paul

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