Income Tax Department officials has seized 14 crore rupees from hawala dealers . The IT officials has seized the money during raids. The Income Tax department held raids in Delhi at the whereabouts of hawala dealers.
The IT department has unearthed illegal transactions worth Rs 300 crores. The IT Department has said that the hawala dealers used shell companies for bogus transactions. ‘Such shell entities are closed after two months, and new ones are formed. Incriminating documents evidencing suppression of sales and bogus purchases in excess of 300 crore rupees are detected. The search action has resulted in seizure of unaccounted cash of 14 crore rupees and Bullion worth two crore rupees’, said a statement issued by CBDT.