₹1,550 crore black money racket found | Fusion - WeRIndia

In a shocking release, the Income Tax department said that they found a black money racket which has dealt over ₹1,550 crore.

Along with the money, the tax department also found various number of firms and entities.

They are found to be operated by hawala dealers after the demonetization of higher notes.

The tax department announced in their analysis report that this racket was run by hawala dealers post demonetization.

They have illegally circulated funds worth ₹930 crore in the nation capital.

In another case, the department found entry operators to launder ₹200 crore stash funds using 80 accounts.

The department is also conducting investigations on a bank branch in Noida.

More than 100 bank accounts are being used to launder money of more than ₹200 crore stated the department.

Entry operators are being targeted by the tax department in big cities like Kolkata, Gurgaon, Charkhi Dadri and Chitradurga in Karnataka.

The report from the department also said that a similar case was found in Bihar’s Gaya. A single person was alleged to have tried to launder ₹13 crore.

The taxman put freeze orders on two bank accounts which are used in the case. The total amount so far unearthed by the tax department in this matter is more than ₹1550 crore as per the analysis report by Income Tax department.

They said that all these people are using the same modus operandi. These hawala dealers deposit cash in bank accounts of paper companies or fake accounts.

Then the funds are immediately transferred through RTGS and other similar fake accounts.

They repeat this process several times and the money is sent through several layers of transactions.

After that, they withdraw the cash from bank or use demand drafts, or convert it into bullion.

This removes the trail of the actual beneficiary.

However, the department says that with funds coming into the banking system, they can detect such cases easily using risk-based analysis.

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