Old Delhi fraudsters earn more than Amazon India
Income tax department unearthed a INR 20,000 moneylaundering racket in Delhi.
Income tax department unearthed a INR 20,000 money laundering racket in Delhi.
Fraud no 1: 18,000 crore & bogus firms
3 firms from Old Delhi we’re money laundering.
They had floated dozens of bogus firms.
Firms used firms for fake bills.
Fraud no 2: 1,000 crore & bogus capital gains
Current shares were sold as old shares.
They claimed long term capital gains
It went on for years. Numbers will go up.
Fraud no 3: INR 1,500 crore & bogus invoicing
Bogus export firms with foreign bank accounts.
It made money by claiming duty draw back and over invoicing exports.
It’s as big as Flipkart and Amazon:
Flipkart’s FY 17 revenue: INR 26,925 crore approx.
Amazon India’s revenue: INR 22,000 crore approx.
Paytm’s FY 18 revenue: INR 3314 crore approx.