The Central Board of Direct Taxes (CBDT) officials busted a big hawala operation involving several Chinese companies in India. According to sources in the IT department Chinese companies were using this network to move money. Multiple locations were raided in Delhi, Ghaziabad & Gurugram and a Chinese national apprehended. The individual named Charlie Pang (Luo Sang) was carrying a fake Indian passport issued from Manipur.
The Chinese national was using 8 to 10 bank accounts in fictitious names in India and represented several Chinese Companies for Hawala operations. Hawala of more than Rs 300 cr known till now and it could go into thousands of crores.
Official Statement of Indian Income Tax Department says search action revealed that at the behest of few Chinese Individuals more than 40 bank accounts were created in various dummy entities, entering credits of more than Rs 1000 crores over the period.A subsidiary of Chinese company and its related concerns have taken over Rs 100 crores in bogus advances in shell entities for opening businesses of retail showrooms in India.
The investigation also found involvement of bank employees and chartered accountants in the operation. There were also foreign hawala transactions involving US and Hongkong dollars.