Srinagar: In a significant operation, the Income Tax Department has unearthed a sprawling hawala cash network linked to investments in Dubai properties, following extensive raids on the KCI Emporium Group of Kashmir and several Dubai property brokers. The simultaneous search actions took place on Wednesday in multiple locations, including Srinagar, Mumbai and Delhi.
The operation revealed that certain individuals from the Kashmir division had engaged in illicit hawala transactions to funnel money into real estate investments in Dubai, UAE. The searches turned up substantial evidence of Indian investments in Dubai properties, amounting to over Rs 800 crores, orchestrated through middlemen who were also targeted in the crackdown.
Sources indicate that the investigations have exposed a web of property deals spanning across India, involving individuals from cities such as Srinagar, Delhi and Hyderabad, all of whom are now under the scrutiny of the Income Tax Department. The search action intercepted property transactions in Kashmir alone that exceeded Rs 50 crores, with a significant portion involving large cash components.
During this extensive operation, officials recovered over Rs 1 crore in cash. The raids are part of a broader strategy under the Income Tax Act, 1961 and the Black Money Act, 2015, aimed at tackling unaccounted wealth and illicit financial flows. Further investigations under the Income Tax Act, 1961 and the Black Money Act, 2015, are underway.
IT Dept uncovers hawala cash network for Dubai properties
