Jammu, December 21:
The Income Tax Department has exposed an investment of Rs 800 crore through hawala network. Its links are from Srinagar to Dubai. The department raided Srinagar as well as Mumbai, Delhi and Hyderabad. In Kashmir alone, documents of property deal worth Rs 50 crore and cash worth Rs 1 crore have been seized.
According to departmental sources, this action was taken earlier this week. Kashmir’s KCI Emporium Group and Dubai-based property brokers have been clamped down on hawala business. More than Rs 800 crore has been invested in Dubai properties. Raids have also been conducted at the hideouts of the middlemen involved in this.
Officials say that investigation is being conducted in various cities of India after the disclosure of hawala business. People involved in the gang are under investigation. The department says that a thorough investigation of the case is going on under the provisions of the Income Tax Act, 1961 and Black Money (Undeclared Foreign Income and Assets) and Tax Act, 2015.
