Income Tax Dept unearths Rs 20,000 cr Hawala racket in Delhi
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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. #casansaar (Source - NewsOnAir)
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