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Rs 20,000 crore worth money laundering racket busted by I-T

Manish Pachouly
Mumbai, March 7, 2007
 

The income tax (I-T) authorities in Mumbai and Delhi have stumbled upon a huge money-laundering racket recently where heavy sums are sent to Mauritius through hawala and the same comes back to India as investment in stock market and other areas.  

Wednesday, March 7, 2007

Grand jury indicts Plano man with mail fraud and making false statements in used car sales

By Pegasus News wire

 

A federal grand jury in Dallas indicted Massoud Mortazavi-Koupai of Plano with six counts of mail fraud and three counts of making a false statement on transfer of a used motor vehicle, related to a fraudulent scheme which included concealing structural damage and odometer discrepancies. It is anticipated that Mortazavi-Koupai, 46, will surrender to federal authorities and then appear before a U.S. magistrate judge.

 

The amount involved in this racket in the last few years is suspected to be more than Rs 20,000 crore.

Senior I-T officers said that the department stumbled on this racket about a month-and-a-half back when they raided a stud farm owner from Pune who owns a flat in Peddar Road in Mumbai too.

During the search conducted in Pune, the I-T authorities found some details of accounts in Swiss banks on various names where the amount of Rs 20,000 crore was deposited. The accounts are suspected to be in the name of bigwigs from India’s political circle and corporate world.

I-T officers on further investigation found that the entire unaccounted money was earned by misusing the “double taxation avoidance treaty” between India and Mauritius. Officers said that the unaccounted money from India was sent to Mauritius through hawala.

... Full Story