I-T dept raids Chinese individuals, Indian contacts in Rs 1,000-crore money laundering case
New Delhi: The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the CBDT said Tuesday.
The department raided at least two dozen premises in Delhi, Gurgaon and Ghaziabad as part of the action under which it covered the Chinese, some of their Indian associates and bank officials, the Central Board of Direct Taxes said in a statement issued here late at night.
The CBDT is the policy-making body for the tax department.
It said the "subsidiary of Chinese company and its related concerns have taken over Rs 100 crore bogus advances from shell entities for opening businesses of retail showrooms in India".
The CBDT said the searches were launched based on "credible inputs that a few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through a series of shell entities."
A Chinese man, who allegedly holds a fake Indian passport, is alleged to be the kingpin of the racket apart from few other nationals of that country. They said the Chinese man had got prepared the fake Indian passport from Manipur and has been detained by the department as searches are continuing.
The tax officials have shared the information of alleged possession of fake Indian passport with police authorities who are expected to book him for violation of the Passport Act.
The police many later arrest him and even the Enforcement Directorate may take over the case for investigation under the criminal provisions of the Prevention of Money Laundering Act, they said.
"Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period," the CBDT said in a statement without identifying the entities involved.
"Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action," it said.
Evidence of foreign hawala transactions involving Hong Kong and US dollars have also been unearthed, the CBDT said.
India recently banned 59 Chinese apps (Internet based mobile applications) in the aftermath of a continuing standoff between the militaries of the two countries in Ladakh.
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Mizoram class 12 results out, pass percentage at 87.67
Aizawl (PTI): Mizoram recorded a pass percentage of 87.67 in the class 12 board examinations on Wednesday, with boys scoring marginally higher than girls,
Across the Arts, Science, and Commerce streams, boys secured an 87.7 per cent success rate, while girls followed closely at 87.66 per cent, according to the results published by the Mizoram Board of School Education (MBSE).
Of the 12,243 students who sat for the examinations held between February and March, 10,734 passed, 1,394 could not, and 115 qualified for compartmental examinations.
Academic performance was strongest in the Commerce stream, which saw a 90.51 per cent success rate among 759 candidates.
The Science stream followed with 89.24 per cent pass rate out of 2,770 students who appeared for the exam, while the Arts stream, with 87,14 students, recorded a pass percentage of 86.93.
In terms of institutional performance, the results revealed that deficit schools, which receive regular government grants, maintained their status as top performers with an average 93.80 per cent pass rate across all streams, followed by private schools at 91.55 per cent, while state-run schools recorded a success rate 83.13 per cent.
