Tax raids in Jaipur have uncovered a complex money laundering scheme involving hawala and cryptocurrencies. Over 20 crores have been seized in cash and jewelry.
Hawala and Crypto: New Investigation in Jaipur
The Income Tax Department of India has exposed a complex nexus involving hawala operators and cryptocurrency transactions. Raids on several wedding planners in Jaipur have led to the seizure of over 20 crores in cash and jewelry, along with three crypto wallets linked to fraudulent activities.
Transfer Scheme: The Role of Crypto and Hawala
Investigations revealed that clients made unrecorded cash payments in exchange for cryptocurrencies like Bitcoin and Tether via hawala operators in the states of Gujarat and Rajasthan. Hawala, an illegal money transfer method, uses brokers to send payments abroad without physically moving money.
Investigation Future and Its Consequences
Records of these activities, including Whatsapp conversations, emails, and spreadsheets, have been recovered. Authorities are currently working to identify individuals who received undeclared cash. It is suspected that the network extends beyond Jaipur, connecting to cities like Mumbai, Hyderabad, and Delhi. The authorities are planning similar operations in other cities to curb unaccounted transactions in the wedding and events industry.
The investigation in Jaipur has led to significant findings of financial violations. Authorities are expected to continue operations to uncover similar schemes across regions.
