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Income Tax Department Initiates Investigation Into Issuance Of Cheques By Companies Which Are Acting As Entry Operators To Convert Illegal Cash Into Legitimate Money
February, 13th 2015
                        PRESS INFORMATION BUREAU
                          GOVERNMENT OF INDIA
                                                    New Delhi, February 11, 2015
                                                                  Magha 22, 1936

Income Tax Department, Ministry of Finance, Government of India had
initiated investigation into issuance of cheques by companies which are acting
as entry operators to convert illegal cash into legitimate money. Recently in
Kolkata, this investigation led to detection of substantial unaccounted income.
In these cases, the unaccounted income was sought to be converted into
legitimate money with the help of non-genuine companies which were acting as
entry operators.

                          Similarly and based on media reports, enquiry was
initiated in Delhi into issuance of cheques by companies which were alleged to
be non-genuine and entry operators. The companies and their Directors could
not be traced at the addresses given to Banks and Ministry of Corporate Affairs.
Examination of the accounts of these companies revealed that they have issued
accommodation entries to several persons and entities for substantial amounts.
It was also found that sources for such entries were prima facie not genuine. To
carry forward the investigation process, notices were issued to about 50 persons
and entities including two political parties on 9th February, 2015. These notices
seek information about the identity of the contributors and other relevant details
which are necessary to complete the process of investigation.

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