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

Mexico surpasses 700,000 confirmed COVID-19 cases, actual toll unknown

Mexico surpassed 700,000 confirmed coronavirus cases on Monday even as health authorities cited what they described as nearly two months of slowing infection rates.On Monday, the Health Ministry reported 2,917 new confirmed cases of the nov...

Walsh's grand slam propels Angels over Rangers

Jared Walsh hit a grand slam to highlight a seven-run fourth inning, and the Los Angeles Angels took three of four from the Texas Rangers with an 8-5 win on Monday afternoon in Anaheim, Calif. Walsh, a rookie first baseman, is hitting .375 ...

New Zealand paraglider's death in Nevada ruled accidental

The body of a well known paraglider from New Zealand has been recovered from a mountainous site in a remote part of Nevada, a sheriff said Monday. Sheriff Jesse Watts said a passerby noticed a parachute last Wednesday and searchers on Frida...

Arizona Fall League shut down for 2020

The Arizona Fall League, which has been an early launching pad for some of baseballs best players, will not operate in 2020 because of the COVID-19 pandemic, according to a Baseball America report. According to the report, MLB had concerns ...

Give Feedback