Chinese Caught Red Handed Running Hawala And Money Laundering Racket in Indian Income Tax Department raids

A Chinese national was caught red handed when the Indian Income Tax Department on Tuesday 11-August 2020, busted a big nexus of Chinese companies using the Hawala network in India running into several thousand crores of rupees.

Chinese Caught Red Handed Running Hawala And Money Laundering Racket in Indian Income Tax Department raids
Chinese Caught Red Handed Running Hawala And Money Laundering Racket in Indian Income Tax Department raids

Following credible intelligence from the Indian intelligence agencies, the Indian Income Tax Department carried out searches at 21 locations in Delhi, Ghaziabad and Gurugram and apprehended a Chinese National behind these Hawala transactions that ran into several thousand crores of rupees.

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The agencies, as per last reports, uncovered the Hawala transactions of more than Rs 300 crore but officials privy to probe said the final figure can go into thousands of crores as the investigations are still going on.

In a statement, the Central Board of Direct Taxes (CBDT) said, “Search action has revealed that at the behest of the Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1000 crores over time. A subsidiary of Chinese company and its related concerns have taken over Rs 100 crores bogus advances from shell entities for opening businesses of retail showrooms in India.”

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“Further, incriminating documents in respect of Hawala transactions and laundering of money with the active involvement of bank employees and chartered accountants have been found as a result of search action. Pieces of evidence of foreign Hawala transactions involving Hong Kong and US dollars have also been found,” the Central Board of Direct Taxes (CBDT) statement further said.

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The Chinese individual detained by the Income Tax Department has been identified as Luo Sang. Official sources said he had assumed identity as Charlie Pang. He was holding a fake Indian passport.

Chinese Caught Red Handed Running Hawala And Money Laundering Racket in Indian Income Tax Department raids
Chinese Caught Red Handed Running Hawala And Money Laundering Racket in Indian Income Tax Department raids

On investigation, it was found that he had got this passport issued from an Indian state Manipur in North East of India. In a well-orchestrated modus operandi, he was using 8 to 10 bank accounts under fictitious names in India.

Charlie Pang was representing many Chinese companies in India for Hawala operations.

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Sources said the accused was also arrested by Delhi Police in 2018 for Hawala racket but was eventually let off by the court. He was already under the scanner of Indian Intelligence agencies. This is when he re-started his Hawala racket, he was nabbed red-handed.

The I-T Department also conducted raids at the premises of various Chinese companies, their close confederates and a couple of bank employees in connection with the Hawala racket.

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World wide Chinese consignments are being checked and rechecked and a lot of illegal activities are being unearthed after Chinese spread their Coronavirus worldwide that killed over 739,000 civilians worldwide.

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The action by India’s tax authorities comes amid friction in ties with China, with both countries being locked in a face-off at the Ladakh border since the past 12 weeks.

Points to Ponder

Shouldn’t all China that spread their Coronavirus worldwide, that killed over 739,000 civilians worldwide, be penalized for their action?

Shouldn’t all the nations forfeit all Chinese Loans and confiscate and nationalize all Chinese Assets and sue China for compensation for killing 739,000 civilians worldwide and bringing whole world economy to a stand still?

Shouldn’t all nations deport all Chinese Nationals back to China to prevent any further Chinese Economic Espionage in the respective countries?

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