Hyderabad firm’s Illegal Hawala transactions seized by IT Dept


The sleuths of the Income Tax department carried out searches in the offices and properties of a prominent business house in Hyderabad. The group has businesses in infrastructure, hydrocarbons, power, irrigation and other sectors. Raids were simultaneously conducted in Hyderabad, the National Capital Region of Delhi and also Mumbai.

The IT officials found that the group indulged in large-scale over-invoicing of purchases, bogus expenses and sub-contract expenses. There were also manipulations of books to suppress taxable income and also out of the books transactions.

Unaccounted cash of Rs. 17.4 Cr was seized.
Evidence of transferring 100s of crores of money via illegal hawala channels was also found.
More details awaited !
Here is the press note from IT department :

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