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Income Tax Raids Reveal $67Mln Fraud of Fake Bill Entry Operations in India

© AFP 2021 / ROBERTO SCHMIDTAn Indian man counts his money as he pays for a 60 kilo sack of onions at a local market in south New Delhi on September 9, 2015.
An Indian man counts his money as he pays for a 60 kilo sack of onions at a local market in south New Delhi on September 9, 2015. - Sputnik International
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Income tax department officials have unveiled that personal staff members or associates were made dummy directors or partners of these shell entities while all bank accounts were managed and controlled by these entry operators.

Detectives in India’s income tax department have unveiled a fraud worth INR 5 billion ($67 million) through fake billing by of entry operators, intermediaries, cash handlers in regions such as Delhi and Goa in India.

According to the income tax officials, searches and raids were conducted in 42 premises across several states in the country on a large network of individuals.

"The search led to evidence exposing the entire network being seized. So far, documents proving accommodation entries worth more than INR 5 billion ($67 million) have already been found and seized," the Income Tax Department revealed it in a statement on Tuesday.

Several shell firms were used by the entry operators for layering unaccounted money and cash withdrawals against fake bills and unsecured loans, an official at the income tax department told Sputnik on condition of anonymity.

The federal agency has taken statements of entry operators, their silent partners, the cash handlers and the covered beneficiaries which lay bare the entire money trail. 

"Several people who were searched were also found to be controllers and beneficial owners of a slew of bank accounts and lockers. These were opened under the names of family members and trusted employees, and were managed in collusion with the bank officials, through digital media. These are being investigated further," the income tax department said in the statement.

The fraudsters have invested heavily in property in prime cities and in fixed deposits to the tune of several hundred million rupees.

"During the search, cash of INR 23 million ($311,945) and jewellery worth INR 28 million ($391,965) was found along with 17 bank lockers" the department said, adding that the investigation was ongoing.

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