Srinagar, Dec 20 : The Income Tax Department has unearthed a significant hawala cash network involving investments in Dubai properties during a series of raids conducted earlier this week.
A reliable source in the department said that the raids targeted the KCI Emporium Group in Kashmir and Dubai-based property brokers, covering multiple locations in Srinagar, Mumbai, and Delhi.
They said preliminary findings revealed that individuals from Kashmir had allegedly made hawala cash transactions to invest in properties in Dubai, UAE. Sources stated that investments worth over ₹800 crore in Dubai properties have been discovered, involving middlemen who were also raided.
“The investigation spans various cities in India, including Srinagar, Delhi, and Hyderabad, with those involved now under the IT Department’s scrutiny. In Kashmir alone, evidence of property deals worth over ₹50 crore involving large cash components has been seized. Additionally, over ₹1 crore in cash was confiscated during the operation,” they said further.
Notably, the department has confirmed that further investigations are ongoing under the provisions of the Income Tax Act, 1961, and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.—(JKNS)
