New Delhi: Income tax department have done Search And visit Operating on an importer and trader of laptops, mobile phones and peripheral parts. The search operation started on 10 October and was carried out in the entire area. National Capital Region (NCR), Haryana And West Bengal.
During the searches, several incriminating documents, diaries and digital evidence have been found, which show that the said group is involved in massive under-invoicing and mis-declaration of goods imported by it. Evidence indicating unrecorded transactions, unaccounted investment in properties, fraudulent loans and others has also been collected.
Import in the name of shell entities
Modus operandi includes import of goods in the name of shell entities of undervalued value and/or mis-declaration of details of imported goods with the intention of evading customs duty. Upon clearance at ports, such goods are found to have been delivered through out-of-books throughout India cash transaction. This aspect has been strengthened when a search of one of the containers at Kolkata Port, where the bill of lading declared the consignment as ‘HDMI cable’ worth Rs 3.8 lakh. However, on de-sealing and search of the same, it was found that the imported genuine goods are high value items, such as laptops, mobile phones, valued at Rs 64 crores.
Payment through hawala channels
Evidence found and seized during the search shows that such low invoiced goods have been paid to foreign consignees through hawala channels. Almost the entire business has been found to be run in this manner.
Although the value of declared imports at the port of entry using such shell entities in the last three years is around Rs 20 crore, it is estimated that the actual value during this period could exceed Rs 2,000 crore, given the large Detected low valuations.
The money thus generated has been used for the acquisition of high-value immovable properties, fraudulent rental income and disguised cash presented in the form of bogus unsecured loans and deposits in foreign bank accounts.
Unaccounted cash worth Rs 2.75 crore was also recovered during the search.
During the searches, several incriminating documents, diaries and digital evidence have been found, which show that the said group is involved in massive under-invoicing and mis-declaration of goods imported by it. Evidence indicating unrecorded transactions, unaccounted investment in properties, fraudulent loans and others has also been collected.
Import in the name of shell entities
Modus operandi includes import of goods in the name of shell entities of undervalued value and/or mis-declaration of details of imported goods with the intention of evading customs duty. Upon clearance at ports, such goods are found to have been delivered through out-of-books throughout India cash transaction. This aspect has been strengthened when a search of one of the containers at Kolkata Port, where the bill of lading declared the consignment as ‘HDMI cable’ worth Rs 3.8 lakh. However, on de-sealing and search of the same, it was found that the imported genuine goods are high value items, such as laptops, mobile phones, valued at Rs 64 crores.
Payment through hawala channels
Evidence found and seized during the search shows that such low invoiced goods have been paid to foreign consignees through hawala channels. Almost the entire business has been found to be run in this manner.
Although the value of declared imports at the port of entry using such shell entities in the last three years is around Rs 20 crore, it is estimated that the actual value during this period could exceed Rs 2,000 crore, given the large Detected low valuations.
The money thus generated has been used for the acquisition of high-value immovable properties, fraudulent rental income and disguised cash presented in the form of bogus unsecured loans and deposits in foreign bank accounts.
Unaccounted cash worth Rs 2.75 crore was also recovered during the search.
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