DeMo’s Demons: IT Sleuths Startled To Stumble Upon Rs 300 Crore Bullion Racket, Identify Kingpin

The Income Tax department has uncovered a massive black money racket in the national capital in the form of a shady bullion sale and cash deposits of scrapped notes, reported the Economic Times. The department raided the premises of a bullion trading firm which is said to have “sold around Rs 300 crore of bullion post demonetisation." The purpose of the racket was to try and convert the black money to white.

The department has identified one A Arora as the central figure behind the alleged racket. At least five individuals are said to have deposited cash in his bank accounts, which he reportedly then transferred to the accounts of sugar and flour mills and bullion traders in Delhi through RTGS, according to the report.

The investigation is still in progress, and more needs to be known before the identities of the traders are revealed. What is known is that they have declared some of their black assets under the income declaration scheme Pradhan Mantri Garib Kalyan Yojna (PMGKY), 2016.