(a) whether the Income Tax Department has recently
unearthed a multi crore money transaction racket in the capital
involving some big persons relating to industries and Chartered
Accountants;
(b) if so, the modus operandi of such racket;
(c) whether the Chartered Accountants in the country
are highly involved with companies in helping to run such rackets;
and
(d) if so, the steps taken by the Government against
companies and Chartered Accountants involved in such rackets?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI V. DHANANJAYA KUMAR)
(a) & (b): Searches have been conducted by the Department in
the cases of a few Chartered Accountants and related persons. The
modus operandi was opening of bogus bank accounts through which
cash was routed as non-existant loans etc. Hawala entries of long
term and short term capital gains and losses were provided by
trading in shares of companies which existed on paper only.
(c): No such instance has come to the notice of the
Government.
(d): In view of answere to Part(c) of the question,
does not arise.