New Delhi, Dec 30 (UNI) The Income Tax Department carried out search and seizure operations on a number of hawala operators in Delhi and seized Rs 14 crore unaccounted cash and bullion worth Rs 2 crore, officials said on Wednesday. The hawala operators were engaged in routing and handling unaccounted cash in Delhi region.
The search operation resulted in unearthing of incriminating evidences revealing various shell entities being used for raising bogus purchase/sale bills, and routing of unaccounted funds through several layers of bank accounts. Such shell entities are closed after two months and new ones are formed, the officials said.
Incriminating documents evidencing suppression of sales and bogus purchases in excess of Rs 300 crore were also detected.
Investigations are in progress, the officials added.
