India’s income tax department busts a Chinese hawala network with estimated transactions worth thousands of crores.

Based on info that few Chinese individuals & their Indian associates were involved in money laundering & hawala transactions through series of shell entities, search action was mounted at various premises of these Chinese entities, their close confederates & bank employees.

Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crores over the period: CBDT