Many call this the biggest bust in the history of Madhya Pradesh and Chhattisgarh, when the Income Tax Department exposed a racket that is worth Rs. 4000 crores.
The Officers of the Income Tax Department, conducted search operation for Khoobchand Lalwani who is also known as Bunty, he runs a private consultancy.
He was caught of having Rs. 65 lakhs cash inside his office, the probe revealed the hawala trade that is worth Rs. 4000 crores.
Director Patanajali Jha confirmed that the department has exposed the hawala racket worth Rs. 4000 crores.
Officers of the Income Tax Department said that Lalwani charged Rs. 300 for transferring Rs. 1 lakh rupees in illegal money, the officers added that in the last 6 years, Lalwani has earned around 6.5 Crores through the said racket.
The racket took place in several states, the transactions of the racket started from Rs. 5 lakhs to Rs. 1 crore.
During the probe, the officers of the Income Tax Department found more than one thousands entries of transactions that were made by Lalwani, the records were found in his computer, officers also recovered paper entries of the transactions.
The racket of Lalwani included agents in the region that were hired to collect the cash from businessmen and send it out of the state through the men of Lalwani.
Officers of the tax department added that the racket is not involved in terrorist funding.
As the Lok Sabha Polls are approaching, the Income Tax Department is taking a close look at all the illegal transactions that are being made.
Last Friday, the income tax department conducted 3 raids on jewelers and recovered Rs. 2.75 crores.