I-T raid unearths gold smuggling and hawala transactions
Kozhikode: The Income Tax (I-T) department conducted searches at multiple premises of Seashell Savoury Group and Pulikkal Group in Kozhikode on Saturday allegedly revealing hawala transactions, reverse hawala, gold smuggling, unreported foreign investments, underreported land purchases in cash and other undisclosed financial activities.
The I-T department said that the findings at multiple locations point to large-scale tax evasion and concealment of income and assets both in India and abroad.
Search was conducted at the residential and business premises of Abdu Razakh Pulikkal, Rasheed Ali Pulikkal, Ahammed Kabeer Pulikkal. Details of foreign dividends received over the years were unearthed in the raid. "Clear evidence of the use of hawala channels to send money amassed abroad to India was uncovered.
Undisclosed investments in several buildings, land, and illegal quarries/crushers were found," it said.
Sales suppression over the years was quantified from the offices of Delicia Group. "Details of income from GCC region transferred to Indonesia for purchases were also uncovered," it said.
Searches were also conducted at the residential premises of Hameed Narikolil, Kunhimoosa and their business premises. It says that the group has revenue from hotel businesses both in India and abroad. It operates more than 80 hotels in the GCC region, owned and managed by Indian residents but not disclosed for taxation in India.
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