I-T dept searches Chinese entities over hawala transactions of Rs 1,000 cr

The income-tax (I-T) department on Tuesday unearthed a massive nexus of Chinese companies and individuals that had allegedly created several shell firms to carry out money laundering and hawala transactions of over Rs 1,000 crore.
 

In their crackdown on these Chinese companies, the tax authorities launched an extensive search operation at 21 premises across Delhi, Ghaziabad and Gurugram. The effort was directed at these entities, their close confederates and also the bank employees who allegedly helped them in laundering money.
 

“About 40 bank accounts were created in the name of dummy entities run by these Chinese firms that transacted thousands