The Income-Tax Department has conducted searches against a large network of “accommodation entry” operators and allied entities in Delhi and its neighbouring region of Haryana, Punjab, Uttarakhand and Goa.
The searches carried out on Monday at 42 locations, during which ₹2.37 crore in cash and jewellery worth ₹2.89 crore were found along with 17 bank lockers, led to seizure of papers showing entries of more than ₹500 crore.
“The search has led to seizure of evidence exposing the entire network of the entry operators, intermediaries, cash handlers, the beneficiaries and the firms and companies involved,” said the department in a release.
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Several shell entities were used by the entry operators in question for laundering unaccounted money and cash withdrawals against fake bills issued and unsecured loans given.
Their personal staff, employees and associates were made dummy directors/partners of these shell entities and all bank accounts were managed and controlled by the entry operators.
“Statements of such entry operators, their dummy partners/employees, the cash handlers as well as the covered beneficiaries have also been recorded, clearly validating the entire money trail,” said the agency.
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The suspects were also found to be controllers and beneficial owners of several bank accounts and lockers opened in the name of their family members, trusted employees and shell entities.
The operators were managing the accounts and lockers allegedly in collusion with the bank officials.
The agency said the beneficiaries had made huge investments in the real estate in prime cities and in fixed deposits running into hundreds of crores.