Chinese citizens nabbed in Delhi, 1000 crore hawala scam

The Income Tax Department has raided some Chinese citizens and their Indian counterparts, including a case of Rs. More than 1000 crore hawala transactions have been found. Following the news, the Income Tax Department conducted raids in Delhi-NCR. According to the information received, the money was being looted by the shell companies. The racket included several Chinese nationals, their Indian partners and bank employees. The Central Board of Direct Taxes gave this information on Tuesday evening. The Income Tax Department has conducted raids at 21 places in Delhi, Ghaziabad and Gurugram. However, the names of the companies have not yet been revealed by CTDT. The CBDT said that documents of hawala transactions and money transactions have been found in the raid.

In fact, preliminary investigation revealed hawala business worth Rs 300 crore. But this figure is more than Rs 1,000 crore. This means that it is going to be the most confusing time of the year, as well. An investigation by the Income Tax Department has revealed that over 1,000 crore rupees were deposited in more than 40 bank accounts of fake companies on the orders of Chinese citizens. The CTDT said that subsidiaries of Chinese companies and their associates have taken an advance of nearly Rs 100 crore from shell companies in the name of doing fake business in India. Hong Kong and US dollars were used in this deal.