I-T Deptt conducts 2 searches in connection with ‘hawala’ case

Source: The Hitavada      Date: 04 May 2018 10:57:12


Business Bureau,

‘Hawala’ transactions are made in Tier I and Tier II cities as IPL season is on, said sources

In a major development, the Income-Tax (I-T) Department on Thursday conducted search and seizure operations on two persons in city having connection with the Rs 3.18 crore ‘hawala’ cash which was confiscated by the police, sources said.

According to information, around 15 Income-Tax officials descended on the residence of Manish Khandelwal, a resident of Civil Lines, near Bole petrol pump and his accountant Abhishek Maheshwari. During the course of investigation, the officials discovered incriminating documents pertaining to the Rs 3.18 crore ‘hawala’ cash. The officials, immediately, took documents into their possessions and sealed their bank lockers.

The Income-Tax Department will verify whether both the persons -- Manish Khandelwal and Abhishek Maheshwari have done assessment of seven years as per the Income-Tax rules.
Sources said that the investigation team of Income-Tax Department were busy scanning various documents of both the persons and had not returned to the office till night.
A rumour was making rounds that two other persons were also under the scanner of Income-Tax Department.
Manish Khandelwal is not a known name in trade and industry circle, sources added.

‘Hawala’ is an alternative remittance channel that exists outside of traditional banking systems. Transactions between ‘Hawala’ brokers are made without promissory notes because the system is heavily based on trust and the balancing of ‘Hawala’ brokers’ books.

Sources said, ‘Hawala’ transactions are taking place in Tier I and Tier II cities as IPL season has commenced.
If Enforcement Directorate conducts parallel investigation there are chances that they will face action under the Prevention of Money Laundering Act (PMLA).