The Income Tax Department has seized around Rs.62 crore rupees during raids on the hawala rackets. The raid were conducted in various parts of Delhi. The cash, in crisp Rs 2000 and Rs 500 notes, was found stashed in wooden almirahs and furniture at the premises that were raided.
IT Department officials informed that the money seized is unaccounted and has been seized from various premises including those belonging to a person identified as Sanjay Jain. The seizure is linked to the searches launched by the department at 42 premises in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa. The IT department informed that the alleged illegal transactions point to a hawala racket worth about Rs 500 crore.
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The CBDT had earlier said that the action was carried out against “a large network of individuals running the racket of entry operation (hawala-like operation) and generation of huge cash through fake billing”, officials said.
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