The Central Board of Direct Taxes (CBDT) has unearthed a major financial racket in Kolkata by recovering over Rs 20 crore currency notes stacked in sacks and almirahs.
The money was allegedly being sent to Dubai through the hawala route. The money was recovered from nine locations in Kolkata, the premises owned by a Tamil businessman who was running a fake lottery business in Tamil Nadu and West Bengal, sources said.
The accused runs a company named General System in Kolkata from the posh Sarat Bose Road area, and from a location in Siliguri, West Bengal.
Sources said the racket is estimated to be over Rs. 1,000 crore.
CBDT officials conducted a raid Thursday morning after receiving a tip-off from the Intelligence Bureau (IB).
"The raids continue and the accused are fake lottery kingpins. They were sending the money to Dubai through hawala route. The cash was tossed in all corners," said a senior intelligence official.
This is one of the biggest money-recovery operations in West Bengal.
"The raids are continuing and it (recovery) is upwards 50 crores, so far," a senior Central Government official from Kolkata told The Hindu.
"The money was in the process of getting transferred through Hawala (money transfer) rackets to South East Asia and Middle East," a senior Central Government official told The Hindu.
While no one is detained so far, many could be questioned later on basis of the final recovery.