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December 4, 2020

I T dept busts Rs 3,300 cr hawala racket involving infra firms

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The Central Board of Direct Taxes (CBDT) said on Monday that the Income Tax Department had paid Rs 3,300 crore. They have revealed the hawala racket. They spread it over some cities like Delhi, Mumbai, Hyderabad. They connect their strings to large business groups in the construction sector. The Income Tax Department had raided 42 places earlier this month on the information of massive tax evasion.

The CBDT stated, The raid operation has been successful. We have recovered evidence of tax evasion. Big business groups, hawala traders and money-laundering gangs have been found in the action. We got Rs 3,300 crore through fake contracts and bills. They have also found evidence of transactions.  The Income Tax Department’s raids have also revealed the entire mechanism for crashing in cash through fake contracts and bills with the help of large business groups working in the infrastructure sector.

Tax evasion by fraudulently doing projects in homes of weaker income group

The illegal money transactions are called hawala rather than legal banking mechanisms. The Income Tax Department took this action in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra, and Goa. The Income Tax Department knows that the gang members were committing numerous transactions through hawala by issuing fake bills. According to the Income Tax Department, entry operators, brokers, and hawala traders manipulated the amount used for public works. These companies committed tax evasion in South India by fraudulently building houses for economically weaker sections.

Cash payment over 150 crores to a person in Andhra Pradesh.

The CBDT said, “The Income Tax Department has found evidence of cash payments of more than Rs 150 crore to a prominent person from Andhra Pradesh. They have also seized an anonymous amount of Rs Rs 3.2 crore in the action. ”Although the CBDT did not provide the names of the institutions under which they took the raids, it was said that most of these companies were located in the National Capital Region and Mumbai. It also cracked one of these companies in April.

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