The Noida unit of the income tax department conducted raids at 12 premises to investigate cash deposits in bogus accounts and uncovered more than Rs 65 crores
The Noida unit of the income tax department conducted raids at 12 premises to investigate cash deposits in bogus accounts and uncovered more than Rs 65 crores.
The IT raids were conducted on the basis of information received from intel agencies and financial crime investigation units. Entities that were surveyed included those of dry fruit wholesalers, chemical wholesalers, truck tyre dealers and accommodation entry operators.
These owners were unable to explain the huge cash deposits in their accounts. It was also found that the cash deposits were shown in books of accounts as sales which were squared up against bogus purchases.
During field verifications, many of these owners chose to make declarations under the Pradhan Mantri Garib Kalyan Yojana.
The modus operandi
Investigations revealed that the accommodation entry operators used various methods to convert this unaccounted income into accounted income.
They deposited large amounts of cash post-demonetization, and after layering entries 4-5 times, they transferred funds through RTGS in bank accounts of beneficiaries.
Meanwhile, coordinated investigations into shell companies revealed the owners were creating accommodation entries through bogus purchases and sale bills without involving any transfer of goods.
They also issued cheques under the disguise of high sea sales in lieu of unaccounted cash.
The IT department is currently in the process of identifying all the end beneficiaries of the accommodation entries provided. The amount of accommodation entries provided exceeds Rs 400 crore.
Various incriminating documents and other evidence, including digital data has been recovered from the various computer peripherals available in these premises are also being analysed.
Source : India Today/1.3.2017