The Income Tax Department carried out search and seizure action on a number of "hawala" operators engaged in the activity of routing and handling "unaccounted" cash in Delhi region and seized Rs 14 crore unaccounted cash, informed the Ministry of Finance on Tuesday.
"The search action has resulted in the unearthing of incriminating evidence revealing various shell entities being used for raising bogus purchase/sale bills, and routing of unaccounted funds through several layers of bank accounts. Such shell entities are closed after two months, and new ones are formed," the ministry said.
Incriminating documents evidencing suppression of sales and bogus purchases in excess of Rs 300 crores were detected.
The Ministry said that the search action has resulted in the seizure of unaccounted cash of Rs 14 crores and Bullion worth Rs 2 crores.
Further investigations are in progress.
( With inputs from ANI )
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