India raids Chinese institutions for money laundering

NEW DELHI (Reuters) – Indian tax authorities raided some Chinese entities and their associates on the premises of money laundering in New Delhi on Tuesday, according to an official statement late Tuesday in New Delhi. Increases discomfort.

Since the clash, Prime Minister Narendra Modi’s government has taken steps such as banning some Chinese mobile phone apps and tightening the requirements for Chinese investment and participation in government tenders.

The statement does not provide any details on the timing of the raid or the type of ‘entities’ described.

The statement said that Chinese individuals, their associates and some bank employees were involved in money laundering through a chain of shell companies.

The statement said, “The search action showed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities with credits of over 10 billion rupees ($ 134.03 million) during the period. Were registered in

Authorities found evidence of transactions involving Hong Kong and the US dollar during the raid.

The statement said that one of the Chinese company’s subsidiaries and its related concerns took more than 1 billion Indian rupees ($ 13.4 million) in fake advances from shell entities to open a “retail showroom” in India.

The statement does not mention the names of companies or Chinese individuals involved in money laundering and “hawala” money transactions, which allow customers to carry large amounts of money across borders without scrutiny from regulators.

“Further investigation is going on,” he said.

($ 1 = 74.6100 Indian rupees)

Reporting by Nidhi Verma; Editing by Bernadette Bom

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