NEW DELHI: Ministry of Finance (MoF) has identified Rs 2.5 billion black money through fake entries by non-existent business entities.
The modus operandi of providing ‘accommodation entries by entry operators’ was found by Central Economic Intelligence Bureau (CEIB). The bureau unearthed a nexus of certain operators with tax evaders who were converting black money into white worth crores through this, official sources said.
Information was received and developed regarding certain entry operators who were providing accommodation entries to their clients for a commission to evade income tax, they said.
As per the initial probe, illegal entries worth Rs 249 crore have been detected so far, the sources said.
The operators were showing black money to have been given to a nonexistent company. Later, the same money was being given to a evader by misusing banking channels via cheques, they said.
