Income Tax department cracks down on Chinese entities suspected of money laundering, bogus transactions

Income Tax department cracks down on Chinese entities suspected of money laundering, bogus transactions

The earnings tax department Tuesday performed searches on premises of Chinese entities, some Chinese folks and their Indian pals enraged by money laundering and hawala transactions price over Rs 1000 crore.

The transactions were being performed thru shell entities with active involvement of monetary institution workers and chartered accountants, evidence uncovered within the center of the searches has printed.

“Search action printed that at the behest of Chinese folks, extra than 40 monetary institution accounts were created in diversified dummy entities, transferring into credits of additional than Rs 1000 crores over the duration,” the Board stated in a press launch Tuesday.

The searches also found that a subsidiary of a Chinese firm and its connected concerns occupy taken over Rs 100 crores bogus advances from shell entities for opening corporations of retail showrooms in India.

“Evidences of foreign hawala transactions enthralling Hong Kong and US bucks occupy also been unearthed,” the Board added. Extra investigations are below development.

The Chinese folks and their Indian pals were enraged by money laundering and hawala transactions thru sequence of shell entities, which lead to a search action at diversified premises of those Chinese entities, their cessation confederates and couple of monetary institution workers, the Board added.

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