WEB DESK
The Income Tax Department has carried out search and seizure action on a number of hawala operators engaged in the activity of routing and handling unaccounted cash in Delhi region.
The search action has resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus purchase, sale bills and routing of unaccounted funds through several layers of bank accounts.
In a statement, Central Board of Direct Taxes, CBDT said, such shell entities are closed after two months, and new ones are formed. It said, incriminating documents evidencing suppression of sales and bogus purchases in excess of 300 crore rupees are detected. The search action has resulted in seizure of unaccounted cash of 14 crore rupees and Bullion worth two crore rupees.