The intelligence wing of Income Tax, Bhopal has busted a hawala racket worth Rs. 500 crore in Gurusharan Cooperative Society of Indore in Madhya Pradesh. The cooperative society has taken money from businessmen and issued them cheques on a large scale.
And in addition, the cooperative has parked the entire cash in private as well as some nationalized banks. The intelligence wing conducted raids on the residence and office of the society’s director Deepak Tharrani.
According to sources, the documents seized during the raids have revealed that the society was busy laundering black money. Along with cheques the intelligence wing has found a list of names.
The people figuring in the list will be asked about the sources of their money. The legality of the sources will also be enquired into. The intelligence wing feels buoyed up by such revelations and is active investigating the sources of money.