ED raids offices of 34 chartered accountants in New Delhi
The ED today conducted multiple searches against tax professionals and chartered accountants (CAs) in Delhi in connection with an operation to unearth black money being generated using shell companies.
The Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies.
The CAs and CSs are accused of helping shell companies convert black money in to white. They allegedly help shell companies by providing a legal framework for the paper companies. The raids follow notices that were earlier issued.
On Wedesnday, the ED was raiding the offices of 34 CAs in the Jain brothers case who were arrested last month in action against shell by the ED.
Officials said the Enforcement Directorate teams searched premises of these professionals in Karol Bagh, Laxmi Nagar, Model Town, Azadpur, Dilshad Garden and few other areas as part of their probe in the generation of alleged stash funds to the tune of thousands of crores.
They said the agency is carrying out the raids as part of its mandate to check money laundering and hawala like transactions by usage of shell firms by misusing banking channels.
A clutch of over two dozen CAs, company secretaries and other tax professionals are being searched, they said, adding the action is part of a follow up of the country-wide searches the agency carried out early this month against 500 shell companies suspected to be generating huge amounts of black money.