Rs. 20 Crore Cash, Hawala Network, Income Tax Raid in India

Recently, The Income Tax Department raided 20 wedding planners in Jaipur, India, seizing Rs. 20 crores in cash and jewelry. The department stated that they used scanners to convert payments into cryptocurrency. They used the Hawala Network to transfer the money.

During the investigation, the IT team revealed the secret crypto account for Stablecoin and Bitcoin. Three cryptocurrency wallets have been uncovered. According to the investigation, two were linked to local platforms, and one was operated via an international network.

According to official income tax rules, no individual can receive more than Rs 2 lakh in cash in a single transaction or from one person during a single payment. An investigation is going on.

What is Hawala?

Hawala known as underground banking is a method of transferring money in which no currency is transferred. Hawala transactions are anonymous as no formal records are kept and the source of funds cannot be tracked.

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