Reportedly the CBDT on monday claimed that the Income Tax Department has busted a hawala racket worth Rs 3,300-crore and spread across multiple cities such as delhi, mumbai and hyderabad with links to "leading corporate houses" in the infrastructure sector.
The raids to unearth the large tax evasion nexus were conducted in the first week of this month on 42 premises in delhi, mumbai, hyderabad, Erode, pune, agra and goa on a group of people indulging in issuing bogus bills and carrying on hawala transactions. "The search action was successful in unearthing incriminating evidences and establishing the nexus between big corporates, hawala operators and identification of entire chain of delivery, as well as siphoning of funds by way of bogus contracts to the tune of Rs 3,300 crore," the CBDT said in a statement.
The raids resulted in busting of a "major racket of cash generation" by leading corporate houses in the infrastructure sector through bogus contracts and bills, it said.
