Srinagar, Dec 20: Income Tax Department has raided the KCI Emporium Group of Kashmir, along with Dubai Property Brokers in connection with hawala cash transaction network. The raids were carried at several locations including Srinagar, New Delhi and Mumbai.
Reports said that it was found that some individuals from Kashmir division have made hawala cash transactions to invest in a property in Dubai, UAE.
During the action, huge investments made by Indians in Dubai based properties have been unearthed from middlemen who were also raided.
All across India, evidences of investments in these Dubai based properties amounting to over rupees 800 crores have been unearthed during searches, reports said.
It has also been found that Indians who made these investments are based from Srinagar to Delhi to Hyderabad, and are now under the scanner of the IT Department.
As per sources, information of property dealings in Kashmir with transactions worth more than rupees 50 crores involving huge cash components was seized. Besides, cash amount of more than rupees 1 crore was also seized, reports added.
Further investigations under the Income Tax Act, 1961 and the Black Money Act, 2015, are underway.
