Income Tax Department investigate 40 accounts related to Chinese citizens

The Income Tax Department has started to get to the bottom of the illegal business of hawala and money laundering through Chinese citizens and its mask companies. The search for the Income Tax Department continued on Wednesday at the locations of Chinese citizens, its Indian associate chartered accountants and bank personnel. 40 bank accounts opened in the name of mask companies are also being investigated.

It is being investigated that these accounts were not used for tax evasion on imports from China. According to sources, the department was informed of import money from China through hawala. Importers send money via hawala to China to show the price of goods imported from China is low. Low bill demonstrators have to pay less duty to importers, but this leads to loss of revenue to the government. Sources also said that transactions worth Rs 1000 crore were done from these 40 accounts.

But this amount can be much more than this. The investigation is expected to reveal the reality. The income tax department questioned Chinese citizen Charles Pung in the late evening on Tuesday. According to sources, now questions have also been raised about Pang's passport and it is being investigated. However, information has not yet been provided by the Income Tax Department about which banks are having accounts in the name of mask companies. Hong Kong and US dollars were also seized during the search on Tuesday, so the case can also be referred to as the Enforcement Directorate (ED). The Income Tax Department was informed that some Chinese citizens and their Indian partners are doing illegal business of money laundering and hawala.

For this work, they have opened mask companies. On this basis, the Income Tax Department on Tuesday raided several locations in Gurugram and Faridabad in Delhi.