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I-T dept raids premises of Chinese entities

Our Bureau New Delhi | Updated on August 11, 2020 Published on August 11, 2020

Finds over 40 dummy bank accounts and money laundering of about ₹1,000 crores

Income Tax department, on Tuesday, said that it had mounted search action on premises of Chinese entities, unearthing incriminating documents on hawala transactions and evidence of money laundering.

“Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees,” an official release said.

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 ₹1,000 crores over the period, the release added.

A subsidiary of Chinese company and its related concerns have taken over ₹100 crore bogus advances from shell entities for opening businesses of retail showrooms in India.

Further, incriminating documents in respect of hawala transactions and laundering of money with active involvement of bank employees and Chartered Accountants were found.

“Evidences of foreign hawala transactions involving Hongkong and US dollars have also been unearthed. Further investigations are under progress,” the release added.

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Published on August 11, 2020
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