IT raids bust bogus bills scam in NCR, Mumbai, other cities
11-November-2019
The Income Tax (IT) Department on Monday said that it has busted a racket of bogus bills and hawala transactions after search operations in 42 premises across Dehi, Mumbai, Hyderabad, Pune, Agra, Goa and Tamil Nadu's Erode.
The companies involved in siphoning of funds are mostly located in the National Capital Region (NCR) and Mumbai, an IT Department statement said.
The search operations resulted in busting of a major racket of cash generation by leading corporate houses in the infrastructure sector through bogus contracts bills.
"Funds meant for public infrastructure projects were siphoned off through entry operators, lobbyists and hawala dealers. The companies involved in siphoning of funds are mostly located in NCR and Mumbai. One such company was earlier searched by Income Tax Department in April, 2019," it said.
According to the department, the projects involved in bogus billings were major infrastructure and EWS projects located in southern India.
"Evidence of cash payment of more than Rs 150 crore to a prominent person in Andhra Pradesh has also been unearthed during the search.
"Further, the search action was successful in unearthing incriminating evidences and establishing the nexus between big corporates, hawala operators and identification of entire chain of delivery, as well as siphoning of funds by way of bogus contracts to the tune of Rs 3,300 crore," the statement said.
Unexplained cash of Rs 4.19 crore and jewellery in excess of Rs 3.2 crore was also seized during the search operation.
IANS
After Six Years of Profitable Bootstrapping, Medulance Raises Rs 25 Crore to Expand Nationally
IIM Grad and First-Generation Entrepreneur Anish Popli's ProcMart Secures Rs 250 Crore in Series B Funding
First Indian Space Tourist Talks Dreams and Inspiration Before Blue Origin Flight
Former MLA Rathod Bapu Rao Switches from BJP to Congress in Telangana
Zerodha Co-Founder Nikhil Kamath Launches 'WTFund' to Support Young Entrepreneurs