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Income tax department raids expose Rs 500-cr racket of fake bill entry operation

Income tax department raids expose Rs 500-cr racket of fake bill entry operation
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Synopsis

“The search has led to seizure of evidences 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.

income tax department carried out search and seizure action on October 26 on a large network of individuals running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing.

The search operations have been conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa, leading to seizure of cash of over Rs 5 crore, 17 bank lockers and unearthed investments in property and fixed deposits of several hundred crores.

“The search has led to seizure of evidences 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.

Income Tax Department is raiding 42 premises in Delhi-NCR, Uttarakhand, Haryana, Punjab & Goa of entry operator San… https://t.co/r6C9HjCpej

— ANI (@ANI) 1603776950000

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.

The personal staff or employees or associates had been made dummy directors or 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 clearly validating the entire money trail.

The searched persons were also found to be 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, the Board said.

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.

(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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7 Comments on this Story

dg chhichhia1 hour ago

Good work by I T DEPT.

Ashu Bajaj3 hours ago

The Truth is in front of every one. It takes guts to do such heavy movement of money and the to find the money trail is a tough job. But The IT department must have known about this and must planed very carefully to make it a success. But people still don’t fear and keep doing these mischievous practice. Then people blame the The Government that why isn’t it doing more for middle class, upper class etc. How to do more when these people don’t want to pay their taxes and take the dishonest way to avoid the revenue to the Govt. Great Job.

Rajesh Valia4 hours ago

this type of things are going on since last 40 to 50 years. it is going on with the conniving with bank officials, previously with sales tax department, then ,vat department, sometimes with politicians, income tax department.
It is only with computerisation,and gst system brought by this govt. it is now easy to unearth these type of frauds.But still they are unearthed after long time after they are committed.There must be system in place where they can be unearthed immediately.
also courts should give rigorous punishment.

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