I-T Dept raids Delhi-based group, unearths tax evasion, money laundering involving over Rs 1,000 crore

The Income Tax (I-T) Department on Wednesday said to have conducted search operation on a Delhi-based group in connection with alleged tax evasion and money laundering involving Rs 1,000 crore.

"The group is engaged in various e-governance projects and financial services. It has a presence across several cities in India and also in Dubai," said the I-T Dept in a statement.

The release said that preliminary enquiries reveal the quantum of accommodation entries and hawala transactions to be more than Rs 1,000 crore.

According to the release, the search and seizure action led to the unearthing of several incriminating evidence establishing large scale tax evasion, hawala transaction and money laundering by the group.

"The group has taken recourse to use of shell companies based in Delhi and Kolkata to route unaccounted money," said the I-T Dept.

"Investigations had revealed that a huge amount of commission was being collected in Dubai through shell companies of a Dubai based operator, who is also an accused in a VVIP chopper scam. A part of such commission was laundered back to India through the aforesaid Delhi-based group," added the statement.

Earlier, the I-T Department had conducted search action on entities related to fertiliser procurement.