Rs 500 crore data entry scam unearthed in income tax dept raids across 42 locations

 India Today, October 27, 2020

The Income Tax Department has seized cash and jewellery worth over Rs 5 crore after searches across Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa on data entry operators. The tax department initiated a search and seizure operation on October 26 on a large network of individuals running the data entry racket to generate huge amounts of cash through fake billing.
The search operations were conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa.
“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. So far, documents evidencing accommodation entries of more than Rs 500 crore have already been found and seized,” said the officials.
According to the probe agency, several shell entities and firms were used by the suspected entry operators for layering of unaccounted money and cash withdrawals against fake bills issued and unsecured loans given.
During the initial probe, it was found by the probe agency that the personal staff, employees and associates have been made dummy directors and partners of these shell entities and all bank accounts were managed and controlled by them.
The I-T department has also recorded statements of such entry operators, their dummy partners, employees, the cash handlers as well as the covered beneficiaries, who according to the tax officers, have clearly validated the entire money trail.
“The people who were searched were also found to be the controller and beneficial owners of several bank accounts and lockers, opened in names of their family members and trusted employees and shell entities, which they were managing in collusion with the bank officials, through the digital media. The same are being further investigated,” added the officials.

The agency also claims to have found evidence that the beneficiaries have made huge investments in real estate properties in prime cities and in fixed deposits to the tune of several hundred crores of rupees.
During the search, Rs 2.37 crore cash and jewellery worth Rs. 2.89 crore were found along with 17 bank lockers, which are yet to be opened up.

URL:https://www.indiatoday.in/india/story/income-tax-raids-data-entry-operators-in-delhi-1735543-2020-10-27

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