Income Tax Department Conducts Raids on 42 Locations Across India, seized Rs. 2.3 Crore Amount
During the research, the amount of Rs 2.37 crore and jewellery worth Rs 2.89 crore has been found along with 17 bank lockers, which are yet to be operated.
New Delhi: The Income Tax Department has confiscated money over Rs 2.3 crore and jewellery worth Rs 2.8 crore throughout searches at 42 locations in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa, on a large network of people running a racket of entry operation and generation of the huge amount of cash through fake billing.
The I-T Department during a statement on Tuesday said that multiple groups administered search and seizure action on Monday on a large network of people running the racket of entry operation and generation of huge amount through fake request. The search operations are conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa.
“The research has led to the confiscated of proof exposing the whole network of the entry operators, intermediaries, money handlers, the beneficiaries and the firms and companies involved. So far, documents evidencing accommodation entries of more than Rs 500 crore have already been found and confiscated,” it said.
The I-T Department said that various shell entities or corporations were utilized by the searched entry operators for layering of unaccounted amounts and money withdrawals against fake bills issued and unsecured loans given. The personal staff or employees or associates had been created dummy administrators or partners of those shell entities and every bank accounts were managed and controlled by these entry operators.
The I-T Department said that statements of such entry operators, their dummy partners or staff, the money handlers as well as the covered beneficiaries have additionally been recorded clearly validating the entire cash path.
“The searched persons were additionally found to be the controller and helpful owners of various bank accounts and lockers, opened in names of their family members and trustworthy staff and shell entities, that they were managing in collusion with the bank officials, through the digital media. The same is being further investigated,” it said.
The beneficiaries are found to create large investments in real estate properties in prime cities and in fixed deposits to the tune of many hundred crores of rupees, it said. “During the search, amount of Rs 2.37 crore and jewellery worth Rs 2.89 crore has been found along with 17 bank lockers, which are yet to be operated,” it added.