https://www.taxtmi.com/news?id=27124 Trade-based money laundering was conducted by mis-declaring synthetic diamonds as natural and inflating import values into a Special Economic Zone, with domestic dummy firms channeling funds through a single bank account to overseas suppliers. Investigations identified substitution of goods, a Hong Kong-based mastermind, arrests in India, and show cause notices under customs law; subsequent bilateral cooperation led to raids, further arrests, and asset freezing by Hong Kong customs. en-us Fri, 29 Dec 2023 18:27:24 +0530 Fri, 29 Dec 2023 18:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=27124 Trade-based money laundering was conducted by mis-declaring synthetic diamonds as natural and inflating import values into a Special Economic Zone, with domestic dummy firms channeling funds through a single bank account to overseas suppliers. Investigations identified substitution of goods, a Hong Kong-based mastermind, arrests in India, and show cause notices under customs law; subsequent bilateral cooperation led to raids, further arrests, and asset freezing by Hong Kong customs. News - Fri, 29 Dec 2023 18:27:24 +0530 https://www.taxtmi.com/news?id=27124