Importers Of High-End Furniture, Electronics, Leather Goods Under ED Scanner
An initial estimate suggests over Rs50,000 crore have been sent to China-based seller through hawala transactions by these importers.
Companies importing high-end furniture, electronic goods, gadgets and leather items, mainly from China, have come under the Enforcement Directorate scanner. The economic intelligence agency has charged these companies for violation of anti-money laundering and forex rules, according to people with knowledge of the matter.
These companies are allegedly “under-invoicing” the imported goods to save taxes, where the balance amount goes to the China-based seller through hawala syndicates, a top ED official told NDTV Profit.
"We have initiated enquiry against hawala syndicates under relevant provisions of Prevention of Money Laundering Act following the evidences against several such importers allegedly using these routes," the official said
According to an initial estimate, over Rs 50,000 crore has been remitted to Chinese sellers in last six months by the Indian importers.
Hawala transaction is an informal way of remitting money without physical movement. Interestingly, the balance amount has been remitted mainly through cryptocurrencies and cash payment.
Without divulging details, as the investigation is in progress, the official indicated that the agency is working on intelligence against some of the big firms of the respective sectors using the illegal routes.
