The Income Tax Department carried out several search operations in another survey of Chinese establishments in India, revealing some Chinese people and their indigenous partners involved in money laundering and hawala transactions through cohort companies. It was found that, at the request of Chinese individuals, more than 40 bank accounts were established in the name of various foul entities and were employed in transactions over Rs 1,000 crore over the period, said a statement from the Ministry of Finance in the raids carried out at different premises of Chinese entities and closely confederates, and some Bank officials.
The findings also comprised a Chinese company subsidiary and associated concerns that took over the fake advances of Rs 100 by shell companies to open retail showrooms in India. Furthermore, the search activities have also resulted in the discovery of incriminating records concerning hawala transactions and money laundering involving bank workers and chartered accountants.
Proof for foreign hawala transactions involving Hong Kong and US dollars was also revealed for the search operation which is still underway. The government said the search operation was based on trustworthy data. As soon as the Galwan Valley deaths broke out, India was enraged to boycott Chinese goods and services. In this festive season, though various trade groups have declared the boycott of Chinese products, other governments have mounted initiatives, including Chinese firms.
In the meantime, the CAIT launched a campaign ‘China Quit India’ to boycott Chinese products at the anniversary of the Quit India movement, while its leaders organized demonstrations at 600 locations around the country. Chinese trade organizations are also participating. CAIT claimed that China’s growth in India and the import of Chinese goods are urgently needed. The Federation of Indian Export Organization (FIEO) said, however, that it is not in Indian best interests to ban Chinese products, but rather a well-designed and balanced policy.
