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April 22, 2018

Entry operators converting illegal cash into legitimate money: IT department slaps notices to AAP, Congress

Newsroom24x7 Desk

black moneyNew Delhi, Feb. 11: Close on the heels of charges and allegations relating to donations received by Aam Aadmi Party, the Income Tax Department has initiated investigation into cheques issued by companies said to be acting as entry operators to convert illegal cash into legitimate money.

Recently in Kolkata, investigation by the Income Tax department led to detection of substantial amount of unaccounted income in several cases where the unaccounted income was being converted into legitimate money with the help of non-genuine companies that were acting as entry operators.

Taking a cue from this and on the basis of media reports, inquiry also was initiated in Delhi regarding cheques issued by companies alleged to be non-genuine and acting as entry operators. In several cases, the companies and their directors could not be traced at the addresses given to Banks and Ministry of Corporate Affairs. Examination of the accounts of these companies revealed that they had issued accommodation entries to several persons and entities for substantial amounts. It was also found that sources for such entries were prima facie not genuine. To carry forward the investigation process, sources have informed that notices were issued two days ago to about 50 persons and entities, including two political parties–Aam Aadmi Party and Congress. These notices seek information about the identity of the contributors and other relevant details to complete the process of investigation.

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