SRINAGAR: The Income Tax Department has uncovered a large hawala network that was helping people make illegal investments in Dubai properties. This discovery came after raids on the KCI Emporium Group of Kashmir and several property brokers based in Dubai. The raids took place in Srinagar, Mumbai, and Delhi, revealing illegal financial transactions worth over Rs 800 crores.
The investigation showed that people from Kashmir were using unaccounted cash through hawala operations to invest in real estate in Dubai. Farooq Shaw, who owns KCI Emporium with showrooms in luxury hotels across India and abroad, is being investigated for his alleged role in these activities.
The raids also targeted the homes of Waseem Ahmad Dar, a property dealer, and Taha Majeed Dar, an employee of the Power Development Department, in Srinagar’s Hyderpora area. Officials found documents related to properties worth over Rs 50 crores in Kashmir, many involving large amounts of cash.
During the operation, more than Rs 1 crore in cash was recovered. The evidence suggests that people from various parts of India, including Srinagar, Delhi, and Hyderabad, were involved in these suspicious transactions. Media reports indicated that IT officials seized documents of property deals in Kashmir worth more than Rs 50 crores, which included significant cash components.
This crackdown is part of efforts under the Income Tax Act, 1961, and the Black Money Act, 2015, to tackle unaccounted wealth and illegal financial activities. Further investigations are underway to uncover the full scope of the network and identify all those involved.
