The Income Tax Department on Thursday said it has detected alleged hawala transactions of over Rs 100 crore after raids on a dealer in Chhattisgarh's capital Raipur earlier this week. It said unaccounted cash of about Rs 6 crore and digital devices containing "details of hawala transactions" were seized during the searches at four premises of the unidentified dealer based in Raipur on June 21.
The action was initiated after the department received "specific" actionable intelligence on his alleged illegal operations. "The modus operandi involved not only giving accommodation entries of sale, purchase, etc. to people but also transportation and end-use facilitation of unaccounted money." A number of digital devices such as a hard disc and pen drives "having details of hawala transactions" have been seized, the CBDT said in a statement issued here.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The department said the digital devices are being analysed and quantification of the total amount involved is under progress. "Preliminary estimates suggest that hawala transactions exceeding Rs 100 crore may be involved," it said.
Hawala denotes out-of-book cash transactions and movement of funds by skipping banking channels.
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