Income Tax department exposes involvement of Chinese citizens in Hawala transactions

A large money laundering racket has been revealed in India. Hawala transactions worth over Rs 1000 crore were detected. Money laundering was being done through shell companies. The racket included many Chinese citizens. . The hawala transaction was executed by opening shell companies. CBDT said this on Tuesday.

CBDT has said that evidence of foreign hawala transactions has also been found.