The Income Tax Department has revealed the entire network of entry operations. This includes middlemen, cash handlers, people who have benefited and companies and firms. Till now, 500 million rupees papers and entries have been detected
People who have benefited from this fraud have invested in real estate property. All fake companies used to withdraw Benami money and cash through fake bills.
The Income Tax Department (IT) department has exposed a major fraud. Under this, a cash-generating racket has been busted through a fake bill of 500 crore rupees. Many states across the country have been raided.
The racket ran through the network
According to the information, this racket was being run through a network in a personal way. In this, fake bills were prepared through an entry operation. After this, the Income Tax Department raided 42 places in many states. This includes Delhi, NCR, Haryana, Punjab, Uttarakhand and Goa. The Income Tax Department has recovered cash of Rs 5 crore, benami investment in 17 bank lockers and properties and fixed deposits of hundreds of crores of rupees in this raid.
Entry operation network revealed
According to the Central Board of Direct Taxes (CBDT), on the basis of secret information, the Income Tax Department has disclosed the entire network of entry operations. This includes middlemen, cash handlers, people who have benefited and companies and firms. So far, papers and entries worth Rs 500 crore have been detected.
2.37 crores cash, 2.89 crores jewelery recovered
In the raids, Sanjay Jain and his family along with other beneficiaries have recovered cash worth Rs 2.37 crore and jewelery worth Rs 2.89 crore. It is revealed in the raid that a lot of mask companies and firms were used for this fake entry operation. All these fake companies used to do benami money and cash withdrawals through fake bills. The personal staff or employees or associates of these fake companies were made dummy directors or partners. All the bank accounts of these people were managed through these entry operators.
Fake partners and employees used to work
During the raid, it has been learned that such entry operators, their bogus partners, used to move employee cash. Most of the people who have been caught in this case were the owners of all the bank accounts and the people who benefited from it. Lockers have also been found in the names of these people. An account has also been opened in the name of family members of these people. CBDT said that it used to work with bank officials through digital media.
Those who have benefited have invested in real estate property. This property was in the prime cities and along with it all these FDs have been done by these people.