Income Tax Dept Raids Chinese Companies Over Money Laundering Suspicions

This move is in line with Indian govt’s growing discomfort with Beijing after border clash.

Sohil Nikam

August 12, 2020

Trending News

1 min


The Indian Income Tax department has raided the premises of a few Chinese entities and their associates to investigate money laundering charges. The names of the companies, however, have been kept a secret for now. According to the tax department, Chinese individuals, their allies and a couple of bank employees were involved in money laundering through a series of shell companies. It has made it clear that further investigations are underway at the moment.

Evidence of foreign hawala transactions involving Hong Kong and US dollars has been found in the companies, according to a statement by the Income Tax Department. The statement also said, “Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period.” A Chinese man with an Indian passport is alleged to be the main person responsible for the racket.

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