South Africa tour of India 2019
20,000 Crore money laundering busted
The Income Tax Department reportedly claimed to have busted a money laundering rocket in Delhi estimated to worth around Rs 20,000 crore. A series of raids and surveys were conducted by sleuths of the Delhi investigation unit over past few weeks.
A senior official mentioned that these raids and surveys were helpful in tracing out illegal financial activities which were said to be situated in Naya Bazar area where fake billing of about Rs 18,000 crore was caught red-handed. The identities of the accused were not disclosed by the government yet.
In another case a highly organized money laundering rocket has been masked out where misguidance of well-known shares camouflaged with old shares for yesteryears, an official stated. The tax department claims the magnitude of the scam would be over Rs 1,000 crore.
The department similarly conducted searches against a group and found undisclosed foreign bank accounts and a well-established racket of claiming bogus duty drawback / GST through over-invoicing of exports which was stipulated for around Rs 1,500 crore.
The search teams have seized signed, unsigned papers, MoUs, agreements, cash loans, and interest earned upon, documents of the settlement of financial disputes, the official said.
The total amount of tax evasion detected is ranging around Rs 20,000 crore.
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