“Evidence found and seized during the search reveals that payments for these underbilled goods to overseas shippers were made through hawala channels.
“Almost all of the activity turned out to be handled by such a modus operandi,” the Central Council of Direct Taxes, the governing body of the tax department, said in a statement.
He said rupee 2.75 crore money was seized during the operation.
The tax authorities found that the modus operandi of the trading group “involves the importation of goods in the name of fictitious entities with an undervalued and / or erroneous declaration of the description of the imported goods, with the intention of evading duties. customs, ”he said.
“Once cleared through customs at the port (s), it was found that these goods were distributed throughout India through off-book cash transactions,” the statement said.
Although the value of imports, he said, declared at the port of entry through the use of such fictitious entities over the past three years is around Rs 20 crore, it is estimated that the actual value at the during this period could be more than 2,000 crore rupees. , given the extent of the “massive” undervaluation detected.
The CBDT said a container kept at the port of Kolkata had been searched and the bill of lading declared the goods as “HDMI cables” worth Rs 3.8 lakh.
“However, by sealing them and searching for them, it was revealed that the goods actually imported are high value items such as laptops, cell phones, etc. which are valued at Rs 64 crore”, a- he asserted.
The statement alleged that the illicit wealth “has been used to acquire high-value real estate, concealing cash introduced in the form of bogus rental income and bogus loans and unsecured deposits into foreign bank accounts.”