New Delhi: Income Tax Department has conducted search and seizure operations on importers and laptop traders, cellphones and peripheral parts.
Search operations began on October 10 and were carried out throughout the National Capital Region (NCR), Haryana and West Bengal.
During the search, some burdensome documents, diaries and digital evidence have been found which revealed that the group had been entrenched on a large scale under the invoice and declaration of goods imported by it.
Evidence shows unwatched transactions, investments that are not achieved in property, false loans and others have also been collected.
Import in the name Shell Entitieshe Modus Operandi involves importing goods on behalf of the shell entity in the declaration of the description below the value and / or incorrect description of goods imported, with the intention to avoid customs.
After the permit at Port (s), these items have been found distributed throughout India by way of out-of-book cash transactions.
This aspect has been fortified while looking for one of the containers in the port of Kolkata, where the Bill of Lading said the goods as ‘HDMI cable’ was worth Rs 3.8 lakh.
However, on de-sealing and looking for the same, it was revealed that the actual items imported were high-value items, such as laptops, cellphones, worth 64 crore Rs.
Payment through Hawala Channelesevidence was found and confiscated during the search revealed that payments for goods that did not invoice against a foreign explanation had been carried out through the hawala channel.
Almost all businesses are found through these modes.
Although the import value stated at the port in using the shell entity in the last three years is around RS 20 Crore, it is estimated that the actual value during this period can be more than RS 2,000 Crore, considering the massive assessment of the bottom detected.
Wealth, produced, has been used for the acquisition of non-moving properties, disguised cash introduced in the form of false lease income and unsecured loans, and deposits in foreign bank accounts.
During search, countless cash until the RS 2.75 Crore song has also been confiscated.