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Millions of Hawala Money going out of India
By: Tupaki Desk | 14 March 2015 7:44 AM GMT
Thousands of crores is believed to be illegally sent abroad either for the sake of imported goods or by submitting forged import documents to the banks. Its because of this illegal practice, India is losing Millions of foreign currency every year.
As per the estimates, Enforcement Directorate found out that about Rs 4,400 crore has been sent out of the country to Dubai and Hong Kong in the 3 cases it has been currently investigating. Lacuna in the Indian banking system has been exploited by the accused and this should be treated as sophisticated Hawala.
How it works?: Banks Accounts were opened with the help of Fake Companies registered and Cash will be deposited in the banks. Then, The money will be transferred from one account to the other and payments will be done towards advance remittances for Imports.
The Enforcement Directorate (ED) recently seized Rs 83 lakh from a bank locker in South Mumbai suspecting Hawala transactions making good use of the India's banking system.
As per the estimates, Enforcement Directorate found out that about Rs 4,400 crore has been sent out of the country to Dubai and Hong Kong in the 3 cases it has been currently investigating. Lacuna in the Indian banking system has been exploited by the accused and this should be treated as sophisticated Hawala.
How it works?: Banks Accounts were opened with the help of Fake Companies registered and Cash will be deposited in the banks. Then, The money will be transferred from one account to the other and payments will be done towards advance remittances for Imports.
The Enforcement Directorate (ED) recently seized Rs 83 lakh from a bank locker in South Mumbai suspecting Hawala transactions making good use of the India's banking system.
