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This is an archive article published on June 18, 1998

Mumbai Notes

IT busts hawala racket The Investigation wing of the Income Tax busted another bogus transactions racket after a raid on the Paton Jain Mand...

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IT busts hawala racket

  • The Investigation wing of the Income Tax busted another bogus transactions racket after a raid on the Paton Jain Mandal building at Marine Drive on Tuesday evening. Three persons have admitted to providing bogus entries in account books quot;hawalaquot; in business parlance and having earned commission to the tune of Rs 1.52 crore. The department suspects the racket to be in the region of Rs 40 crore, a top official said. A survey cum raid on Paton Jain Mandal building revealed that the trio had allegedly opened 80 bank accounts in the course of their quot;business.quot; The IT team has seized assets worth Rs 52 lakh and sealed seven bank lockers, official sources said. Last week, the department had busted a major bogus billing racket involving Rs 100 crore in which Mardia Chemicals was the main beneficiary.

    • Funds for cyclone-hit

  • The South Indian cell of the Bharatiya Janata Party has organised a fund collection drive at Chhatrapati Shivaji Terminus on June 19 from 4 pmin aid of the recent cyclone which ravaged Gujarat.

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