Left Menu
Development News Edition

I-T dept raids Chinese individuals, local contacts in Rs 1,000-crore money laundering case

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly indulging in a money laundering racket involving Rs 1,000 crore using shell or dubious firms, the CBDT said on Tuesday.

PTI | New Delhi | Updated: 11-08-2020 22:17 IST | Created: 11-08-2020 22:05 IST
I-T dept raids Chinese individuals, local contacts in Rs 1,000-crore money laundering case
Representative image Image Credit: Pixabay

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly indulging in a money laundering racket involving Rs 1,000 crore using shell or dubious firms, the CBDT said on Tuesday. It said the "subsidiary of Chinese company and its related concerns have taken over Rs 100 crore bogus advances from shell entities for opening businesses of retail showrooms in India".

The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, said the searches were launched based on credible inputs that a few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through a series of shell entities. Some bank officials were also raided, it said. "Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period," it said in a statement without identifying the entities involved.

"Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action," it said. Evidences of foreign hawala transactions involving Hong Kong and US dollars have also been unearthed, the CBDT said.


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...

Videos

Latest News

TMC leader arrested for threatening Anubrata Mondal: Police

A local TMC leader was arrested on Tuesday for allegedly threatening to kill the partys Birbhum district president Anubrata Mondal, police said. Former Gushkara Municipality councillor Nityananda Chattopadhyay was arrested from the School M...

Man held for raping 7-year-old girl in Gr Noida

A 19-year-old man was arrested in Uttar Pradeshs Greater Noida on Tuesday for allegedly raping a seven-year-old girl, police said. The man had allegedly raped the girl, known to her, is also accused of giving her poison recently in Dankaur ...

U.S. health agency sets Oct. 16 deadline for states to submit vaccine plans

The U.S. Centers for Disease Control and Prevention CDC on Tuesday set an Oct. 16 deadline for states to submit plans for distributing COVID-19 vaccines - even before it becomes clear when any will be available - according to a presentation...

Czech Republic to limit public events as COVID-19 cases spike

The new Czech health minister said on Tuesday tighter restrictions on bars and public events were imminent after his predecessor resigned following a doubling of COVID-19 infections in the country over the past three weeks.The Czech Republi...

Give Feedback