Rs 500 Cr Racket Busted By IT Dept After Raids In Delhi-NCR, Haryana, Punjab, Uttarakhand, Goa

New Delhi: The Income Tax department has busted a racket of entry operation and generation of huge cash through fake billing and documents evidencing accommodation entries of more than Rs 500 crore.

Evidence exposing the entire network of the entry operators, intermediaries, cash handlers, the beneficiaries and the firms and companies involved were seized during the search operations conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa, Zee News reported. 

The entry operators used several shell entities/firms for layering of unaccounted money and cash withdrawals against fake bills issued and unsecured loans given. The personal staff, employees and associates had been made dummy directors or partners of these shell entities and all bank accounts were managed and controlled by these entry operators, the report added.

The searched persons had also opened several bank accounts and lockers in the names of their family members and trusted employees and shell entities. They were managing these in collusion with the bank officials, through the digital media.

The beneficiaries have invested in real estate properties in prime cities and in fixed deposits to the tune of several hundred crores of rupees.

During the search, cash of Rs 2.37 crore and jewellery worth Rs 2.89 crore has been found along with 17 bank lockers, which are yet to be operated, the report said.