IT dept ‘unearths’ hawala cash network funding Rs 800 crore investments in Dubai properties

Srinagar, Dec 20: The Income Tax Department has carried out raids on the KCI Emporium Group of Kashmir and Dubai property brokers in a coordinated operation across Srinagar, Mumbai, and Delhi this week, top sources disclosed.

Sources said the raids revealed significant hawala cash transactions originating from Kashmir, used to invest in properties in Dubai, UAE.

Evidence of substantial investments made by Indians in Dubai properties was unearthed during the operation, with sources indicating the total amount exceeds ₹800 crores. They said middlemen facilitating these transactions were also raided, shedding light on a nationwide network of individuals involved, spanning cities from Srinagar to Hyderabad.

In addition to uncovering evidence of offshore investments, the IT Department seized property transaction records in Kashmir worth over ₹50 crores, involving substantial cash components. Officials also confiscated cash exceeding ₹1 crore during the searches, said the sources.

The investigations, conducted under the Income Tax Act, 1961, and the Black Money Act, 2015, are ongoing, with several individuals now under the IT Department’s scrutiny. Further details are awaited.