Incidentally or co-incidentally, as the general elections come closer, the Income Tax department seems to be swinging more into action. Perhaps in his attempt to prove that he is truly a crusader against black money, the IT Dept. under the Modi administration has regularly been conducting raids and unearthing black money more than ever. In its latest series of raids and surveys over the last few weeks in Delhi, the sleuths of the Delhi investigation unit of the IT Dept. have unearthed illegal financial activities of 3 groups of operators and busted a nexus of hawala operators and massive money laundering racket with a total value of a staggering 20,000 crore ₹.
The 1st such case relates to fake billing racket where the illegal operators had floated a dozen or so bogus entities to generate such fake bills and book bogus expenses to avoid tax. The operators were busted after a survey was conducted in the Naya Bazar area of the National Capital and the racket was estimated to be around 18,000 crore ₹
In the second case, a highly organised “money laundering” racket was busted where transactions in well known shares were fraudulently carried out and beneficiaries were found to be claiming bogus “long term capital gains”. The taxman suspects this scam to have netted over a 1,000 crores. However, they believe that it has been going on for years and this figure of 1,000 crores is just the tip of the iceberg.
The final racket was discovered when the IT Dept. conducted searches against a group and found undisclosed foreign bank accounts and a well established network of claiming bogus duty draw back relating to customs and GST taxes through over-invoicing of exports and estimates of this scam was upwards of 1,500 crore ₹.
The identities of the accused are not disclosed till now until a further investigation is carried out.