The I-T department bursts the hawaiian Rs 3,300-cr racket that involves infra companies
New Delhi, November 11 () The CBDT said Monday that the Income Tax Department has burst a hawaiian racket worth Rs.300 billion and has spread to several cities such as Delhi, Mumbai and Hyderabad with links to leading corporate houses in infrastructure. sector.
The raids to dig up the great tax evasion nexus were carried out in the first week of this month at 42 locations in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra and Goa to a group of people who turned in to issue false invoices and perform hawala transactions. .
The search action was successful in digging up incriminating evidence and establishing the link between large corporations, hawala operators and identification of the entire delivery chain, as well as diverting funds through false contracts with a tune of Rs 3,300 crore, said the CBDT He said in a statement.
The raids resulted in the breakdown of a large racket of cash generation by major corporate companies in the infrastructure sector through contracts and false invoices, he said.
Hawala denotes illegal fund transactions bordering legal banking channels.
The funds allocated to public infrastructure projects were diverted through inbound operators, lobbyists and hawala distributors, he said.
However, the Board, the policy-making body for the I-T department, did not identify the raided entities.
The companies involved in the diversion of funds are mainly in the region of the national capital and Mumbai, he said.
I-T previously detected one of those companies in April this year, according to the statement.
The projects involved in fake billing are important infrastructure projects and EWS (economically weakest section) located in southern India.
Evidence of cash payment of more than Rs 150 crore to a prominent person in Andhra Pradesh was also unearthed during the search, the CBDT said. During the search operation, unexplained cash of Rs 4.19 million and jewels (worth) over Rs 3.2 million was also seized. NES NES TIR TIR