NEW DELHI: The Income Tax department has unearthed black money worth Rs 110 crore generated by entities in two states with the alleged connivance of two Chartered Accountants (CAs) using shell companies.
The department, in the past few days, had conducted searches in Rajasthan’s Bikaner and Jind in Haryana as part of its crackdown on shell firms and bogus entry operators who route and launder unaccounted wealth by misusing banking channels.
In the first instance in Bikaner, a senior official said the tax sleuths found that a Surat-based CA had “arranged accommodation entries” of over Rs 7 crore through at least four companies.
Accommodation entries are those where large amounts of money are broken into smaller values so that it does not trigger alarms in the banking channels and the transaction is kept under the radar of probe agencies.
They said the CA allegedly admitted to the department during questioning that he had created 10 dummy companies to launder Rs 90 crore black money of his clients in the last five years or so. (AGENCIES)
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