Income Tax Department has busted a major racket of bogus billing and hawala transactions worth 3300 crore rupees.
The Department carried out searches in the first week of this month on a group of persons indulging in issuing bogus bills and carrying on hawala transactions. The search operations covered 42 premises across Delhi, Mumbai, Hyderabad, Pune, Agra and Goa.
The search operations resulted in busting of a major racket of cash generation by leading corporate houses in the infrastructure sector through bogus bills.
The CBDT in a statement said funds meant for public infrastructure projects were siphoned off through entry operators, lobbyists and hawala dealers.