The Income Tax Department carried out raids Monday on a large network of entry-level scammers who generated cash through false billing. Search operations were carried out at 42 locations in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa.
According to a press release issued by the department on Tuesday, documents showing accommodation tickets of more than Rs 500 million were found and seized.
“Registered gateways used various ghost firms to compare unaccounted for funds and cash withdrawals with bogus invoices issued and unsecured loans issued. Personal staff members became bogus directors / partners of these shell entities and all bank accounts were managed and controlled by these gateway operators. Statements from such entry operators, their fictitious partners / employees, cash handlers and covered beneficiaries have also been clearly recorded validating the entire money trail, ”the statement said.
The individuals raided by the department were also found to be beneficial owners of various bank accounts and lockers, operating under the names of their relatives, employees, or shell entities. It is further investigating how these people managed these online accounts in collusion with bank officials, the statement added.
Rs 2.37 million and jewelry worth Rs 2.89 million were seized and 17 bank lockers were found, which have yet to be operated.
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