New Delhi, Oct 27 (UNI) The Income Tax department has unearthed an interstate racket which allegedly manipulated banking operations and generated cash through fake billing to the tune of more than Rs 500 crore.
The IT department has conducted searches in 42 locations of Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa on Monday, the Ministry of Finance said.
The search has led to seizure of evidence exposing the entire network of the entry operators, intermediaries, cash handlers, the beneficiaries and the firms and companies involved in these fraudulent activities.