LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

IT raids bust bogus bills scam in NCR, Mumbai, other cities

The search operations resulted in busting of a major racket of cash generation by leading corporate houses in the infrastructure sector through bogus contracts bills.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
IT raids bust bogus bills scam in NCR, Mumbai, other cities
The search operations resulted in busting of a major racket of cash generation by leading corporate houses in the infrastructure sector through bogus contracts bills. Reuters
Written By: IANS
Updated: Tue, Nov 12, 2019
09:35 am
New Delhi, IANS
RELATED NEWS
Aadhaar PAN link to ITR filing — MUST finish these things today or face problems Aadhaar PAN link to ITR filing — MUST finish these things today or face problems
Aadhaar PAN Link: Waiting for 31st March deadline extension? MUST check this amendment in Finance Bill; here is your guide to avoid penalty, late fine Aadhaar PAN Link: Waiting for 31st March deadline extension? MUST check this amendment in Finance Bill; here is your guide to avoid penalty, late fine
Aadhaar PAN Link: Waiting for deadline extension? MUST check this amendment in Finance Bill; here is your guide to avoid penalty, late fine Aadhaar PAN Link: Waiting for deadline extension? MUST check this amendment in Finance Bill; here is your guide to avoid penalty, late fine
Alert! Your PAN card will become inoperative if you don't do THIS before April 1st - Check now Alert! Your PAN card will become inoperative if you don't do THIS before April 1st - Check now
Aadhaar PAN Link Status Check Online: You MUST do this on incometaxindiaefiling.gov.in to find out successful seeding Aadhaar PAN Link Status Check Online: You MUST do this on incometaxindiaefiling.gov.in to find out successful seeding

The Income Tax (IT) Department on Monday said that it has busted a racket of bogus bills and hawala transactions after search operations in 42 premises across Dehi, Mumbai, Hyderabad, Pune, Agra, Goa and Tamil Nadu`s Erode. The companies involved in siphoning of funds are mostly located in the National Capital Region (NCR) and Mumbai, an IT Department statement said.

The search operations resulted in busting of a major racket of cash generation by leading corporate houses in the infrastructure sector through bogus contracts bills.

"Funds meant for public infrastructure projects were siphoned off through entry operators, lobbyists and hawala dealers. The companies involved in siphoning of funds are mostly located in NCR and Mumbai. One such company was earlier searched by Income Tax Department in April, 2019," it said.

According to the department, the projects involved in bogus billings were major infrastructure and EWS projects located in southern India.

"Evidence of cash payment of more than Rs 150 crore to a prominent person in Andhra Pradesh has also been unearthed during the search.

Watch Zee Business Live TV below

"Further, the search action was successful in unearthing incriminating evidences and establishing the nexus between big corporates, hawala operators and identification of entire chain of delivery, as well as siphoning of funds by way of bogus contracts to the tune of Rs 3,300 crore," the statement said.

Unexplained cash of Rs 4.19 crore and jewellery in excess of Rs 3.2 crore was also seized during the search operation.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income Tax Department
RELATED NEWS
Aadhaar PAN link to ITR filing — MUST finish these things today or face problems Aadhaar PAN link to ITR filing — MUST finish these things today or face problems
Aadhaar PAN Link: Waiting for 31st March deadline extension? MUST check this amendment in Finance Bill; here is your guide to avoid penalty, late fine Aadhaar PAN Link: Waiting for 31st March deadline extension? MUST check this amendment in Finance Bill; here is your guide to avoid penalty, late fine
Aadhaar PAN Link: Waiting for deadline extension? MUST check this amendment in Finance Bill; here is your guide to avoid penalty, late fine Aadhaar PAN Link: Waiting for deadline extension? MUST check this amendment in Finance Bill; here is your guide to avoid penalty, late fine
Alert! Your PAN card will become inoperative if you don't do THIS before April 1st - Check now Alert! Your PAN card will become inoperative if you don't do THIS before April 1st - Check now
Aadhaar PAN Link Status Check Online: You MUST do this on incometaxindiaefiling.gov.in to find out successful seeding Aadhaar PAN Link Status Check Online: You MUST do this on incometaxindiaefiling.gov.in to find out successful seeding

LATEST NEWS

Vivo X60 Pro review: Buy it for an amazing camera experience

Major WhatsApp FLAWS REVEALED and this is how this messaging service reacted

BIG! VACCINATION FOR ALL for 18 years and above from 1 May - here are key takeaways form this Government decision

CBSE Board Exams 2021 Latest News: Class 10 students MUST NOT MISS this LATEST UPDATE on marking scheme - check all details here

Anil Singhvi’s Strategy April 19: Day support zone on Nifty is 14,350-14,450 & Bank Nifty is 31,400-31,700

Glenmark Life Sciences IPO: Glenmark Pharma approves Rs 1,160 crore IPO; this is what experts say for this share

Jammu and Kashmir Schools, Colleges, Universities closed till THIS DATE - check all details here

7th Pay Commission: DA, DR, TA calculation, salary change from July 1 and other updates for central government employees, pensioners

Delhi Lockdown: Check major announcements from CM Arvind Kejriwal, timings, e-pass and more

Gold Price today 19-04-2021: Yellow metal off to a good start on first day of week—check gold, silver rates here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved