The Income Tax Department has busted a nexus of hawala operators who were running a money laundering racket in Delhi estimated to be worth over Twenty thousand crore rupees. Official sources said, a series of raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Department over the last few weeks in different business areas of old Delhi.
The operations led to unearthing of illegal financial activities by three groups of operators. A survey was conducted on one such group in the Naya Bazar area, that led to detection of bogus billing of about 18 thousand crores. The sources said, the group had floated a dozen bogus entities for providing fake bills. In the second case, a money laundering racket was unearthed where current transactions in shares were fraudulently camouflaged as being sales of old shares held for years.
The magnitude of the purported scam is estimated to be over one thousand crores. The department similarly conducted searches against a group and found undisclosed foreign bank accounts and a well-established racket of claiming bogus duty draw back or GST through over-invoicing of exports. Preliminary estimates of such bogus exports are more than 1,500 crore rupees.