New Delhi: Over Rs 2.3 crore and jewelry worth Rs 2.8 have been seized by the Income Tax Department during searches at 42 locations in Delhi-NCR, Punjab, Haryana, Goa, and Uttarakhand, on a huge network of individuals operating a racket of entry operation and generation of huge cash through fake billing.
In a statement on Tuesday, the Income Tax Department said that that multiple teams carried out search and seizure action on Monday on a huge network of individuals running the racket of entry generation and operation of huge cash through fake billing.
The search operations have been carried out on 42 premises across Delhi– NCR, Punjab, Haryana, Goa, and Uttarakhand.
It stated: “The search has led to the seizure of evidence revealing the entire network of the intermediaries, entry operators, cash handlers, the firms, and the beneficiaries and companies involved. So far, documents evidencing accommodation entries of more than Rs 500 crore have already been found and seized.”
Many firms or shell entities were utilized by the searched entry operators for layering of unaccounted cash and money withdrawals against fake bills issued and unsecured loans sanctioned, the I-T Department said
The associates, employees or personal staff had been made dummy partners or directors of these shell entities and all bank accounts were managed and controlled by these entry operators.
Statements of such entry operators, their dummy partners or employees, the cash handlers as well as the covered beneficiaries have also been recorded obviously confirming the entire money trail, as said by the I-T Department.
It stated: “The searched persons were also found to be the controller and beneficial owners of several bank accounts and lockers, opened in names of their family members and trusted employees and shell entities, which they were managing in collusion with the bank officials, through the digital media. The same is being further investigated.”
It said the beneficiaries have been discovered to have made large investments in the real estate properties in prime cities and in fixed deposits to the tune of several hundred crores of rupees
It included, throughout the search, jewelry worth Rs 2.89 crore and cash of Rs 2.37 crore have been recovered along with 17 bank lockers, which are yet to be operated.
