Friday, Apr 26, 2024 | Last Update : 03:06 AM IST
Raids helped detect Rs 1.37 lakh crore in three years
The amount involved in non-genuine transactions of such beneficiaries was more than Rs 13,300 crore.
New Delhi: Revenue department said on Friday that raids conducted by various investigative agencies under it has resulted in detection of over Rs 1.37 lakh crore in last three years.
The department also identified over 1,000 shell firms which indulged in bogus transactions worth Rs 13,300 crore in the last three financial years.
The ED too intensified its anti-money-laundering actions by registering 519 cases and conducting 396 searches. Arrests were made in 79 cases and properties worth Rs 14,933 crore were attached by ED.
“The relentless crusade against black money will get further intensified in the coming days making the tax evaders and money launderers realise that they have to pay a heavy cost for their deviant behaviour,” said revenue department.
In the last three years, enforcement agencies conducted 23,064 searches and surveys out of which income-tax conducted 17,525, customs 2,509, central excise 1,913 and service tax 1,120 on people and businesses suspicious of hiding black money.
During these raids income tax department detected tax evasion of Rs 69,434 crore, customs Rs 11,405 crore, Central excise Rs 13,952 crore and service tax Rs 42,727 crore.
The department said that crackdown against thousands of shell companies engaged in nefarious activities was also effected through searches, surveys, arrests and prosecutions by IT, ED, SFIO and CBI among others. During the last three financial years, I-T investigations led to detection of more than 1155 shell companies used as conduits by over 22,000 beneficiaries. The amount involved in non-genuine transactions of such beneficiaries was more than Rs 13,300 crore.
“The ministry of corporate affairs has issued more than a lakh notices for striking off names of defunct or non-compliant companies," it said.
