TaxTMI 
TaxTMI 
Income Tax Department conducts search on premises of Chinese entities
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....ncome Tax Department conducts search on premises of Chinese entities <br>News and Press Release<br>Dated:- 13-8-2020<br><BR>Based on the credible information that few Chinese individuals and their Ind....
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....ian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confed....
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....erates and couple of bank employees. Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more....
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.... than ₹ 1,000 Crore over the period. A subsidiary of Chinese company and its related concerns have taken over ₹ 100 Crore bogus advances from shell entities for opening businesses of retai....
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....l showrooms in India. Further, incriminating documents in respect of hawala transactions and laundering of money with active involvement of bank employees and Chartered accountants has been found as a....
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.... result of search action. Evidences of foreign hawala transactions involving Hongkong and US dollars have also been unearthed. Further investigations are under progress.<BR> News - Press release - PIB....
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