IT raids in Delhi, Mumbai, Chandigarh, Punjab; more raids likely

New Delhi: Income Tax sleuths today conducted simultaneous raids in different cities in order to crackdown on those taking demonetized currency on discount, hawala operators offering foreign currency and selling gold on premium. The raids were conducted simultaneously in Delhi, Mumbai, Chandigarh, Kolkatta after a specific intelligence input. Top officials in Enforcement Directorate said more raids were expected in future to nab those involved in similar rackets. ''This is the initiative taken to curb black marketing, hawala and converting black money into white through illegal means.

The Income Tax Department could conduct more raids in similar connection nationwide,'' said the ED official. Meanwhile, the sources in IT Department said during the raids it was found the gold was being sold Rs 55,000 to 60,000 per 10 grams and the dollar rates in hawala market was touching Rs 100 per dollar. In Delhi, the raids were conducted at walled city areas, including Chandni Chowk, Dariba Kalan, Paranthe Wali Gali and also in Karol Bagh. Sources also said similar raids have been organised in South India as well to nab the hawala operators spreading their network throughout the country.

Sources also disclosed that in many cases, the money caught belonged to some local politicians who were trying to convert it into white. The authorities are further investigating into the matter. ''The sleuths are also keeping close eye on the movement of political henchmen who are trying to carry out such transactions,'' said the official, adding, ''we have narrowed down some people who are in a look out of exchanging their black money into white through dollars and gold.'' He said this process would last for months till the last date exchange of currency notes in banks ends. (UNI)