Income Tax Dept Raids Across India Expose Rs 500-Crore Fake Bill Entry Scam
The income tax department carried out search and seizure action on October 26 on a large network of individuals allegedly running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing.
The Income Tax Department seized cash and jewellery worth over Rs 5 crore, 17 bank lockers and investments of several hundred crores after searches across Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa on data entry operators.?The search operations had been conducted on 42 premises.
"The search has led to 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 have already been found and seized,"?the Central Board of Direct Taxes (CBDT) said Tuesday.
?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 given.
During the initial probe, it was found by the probe agency that the personal staff, employees and associates have been made dummy directors and partners of these shell entities and all bank accounts were managed and controlled by them.?Statements of such entry operators, their dummy partners/employees, the cash handlers as well as the covered beneficiaries have also been recorded clearly validating the entire money trail.
¡°The people who were searched 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 are being further investigated,¡± added the officials.?
The beneficiaries have been found to have made huge investments in real estate properties in prime cities and in 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 has been found along with 17 bank lockers, which are yet to be operated," the Board said, adding that further investigations were going on.?
