Money laundering investigations uncover hawala networks and nominee accounts, prompting forensic financial probes and continued inquiries.
Income-tax authorities conducted searches at premises linked to Chinese nationals, Indian associates, and bank personnel after information of systematic money laundering and hawala networks. The searches revealed numerous bank accounts in nominee entities, extensive credit inflows, documents suggesting cross-border hawala transfers in foreign currency, involvement of chartered accountants and bank employees in facilitating transfers, and alleged fraudulent advances from shell entities to related corporate concerns. Seized materials have been retained for forensic analysis and further investigation is under way.