Income Tax Department conducts searches in Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa
New Delhi, October 27, 2020
The Income Tax Department carried out a search and seizure action on Monday on a large network of individuals running the racket of entry operation and generation of huge cash through fake billing, an official release said today.
The search operations have been conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa, an official press release said.
The release said the search had led to the seizure of evidence exposing the entire network of the entry operators, intermediaries, cash handlers, the beneficiaries and the firms and companies involved. So far, documents evidencing accommodation entries of more than Rs. 500 crore has already been found and seized, it said.
"Several shell entities/firms were used by the searched entry operators for layering of unaccounted money and cash withdrawals against fake bills issued and unsecured loans were given. The personal staff/employees/associates had been made the dummy directors/partners of these shell entities and all bank accounts were managed and controlled by these entry operators.
"Statements of such entry operators, their dummy partners/employees, the cash handlers as well as the covered beneficiaries have also been recorded validating the entire money trail.
"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 release said.
"The beneficiaries have been found to have made huge investments in real estate properties in prime cities and fixed deposits to the tune of several hundred crores of rupees.
"During the search, cash of Rs. 2.37 crore and jewellery worth Rs. 2.89 crore have been found along with 17 bank lockers, which are yet to be operated. Further investigations are in progress," the release added.