The income tax department conducted search and seizure operations in about 37 premises in several cities on September 30, the finance ministry said in a statement on Monday. The raids were carried out in several cities such as Mumbai, Pune, Noida and Bengaluru. In addition, the individuals or groups involved in these businesses came from cable manufacturing, real estate, textiles, printing, machinery, hospitality, logistics, etc.
As a result, the IT department claimed to have found credits in excess of US $ 100 million, or around Rs 750 crore, which were parked in bank accounts in Switzerland, United Arab Emirates, Malaysia and several other countries. . Along with this, several offending documents, loose sheets, diaries, emails, digital evidence, foreign accounts, movable papers and many other assets were recovered during the operation.
Evidence relating to false payments to vendors to generate cash, unrecorded cash expenses, hawala transactions, overcharging and jewelry were also recovered from residential and business premises respectively. In addition, around fifty bank lockers are blocked and other investigations are underway.
“The Income Tax Service conducted research at 37 locations in Maharashtra, Karnataka and Uttar Pradesh on groups / individuals who allegedly used the services of a Dubai-based financial service provider to create dubious foreign companies to hold their unrecorded assets, ”ANI reported.
IT department raids groups and individuals associated with foreign companies
The raids were carried out by the Income Tax Department in some large states such as Maharashtra, Karnataka and Uttar Pradesh across the country, where groups and individuals from various businesses were associated in a vast network of bank accounts and undisclosed foreign assets. According to the ministry statement, these groups / individuals used the services of a Dubai-based financial service provider to create a dubious and complex web of foreign companies and trusts based in tax havens such as Mauritius, United Arab Emirates , British Virgin Islands, Gibraltar, etc. to hold their unrecognized assets.
“Evidence gathered during the search operation reveals that undisclosed funds parked overseas were used by these groups to acquire real estate in several countries such as UK, Portugal, UAE etc. bank accounts, to cover the personal expenses of promoters and their family members abroad and to channel the funds to their Indian entities, ”he added.
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