SRINAGAR: The Income Tax Department said it has exposed a vast hawala network facilitating illegal investments in Dubai properties, following raids on the KCI Emporium Group of Kashmir and several Dubai-based property brokers. The raids, conducted simultaneously in Srinagar, Mumbai, and Delhi, unearthed evidence of illicit financial transactions worth over Rs 800 crores.
The investigation revealed that individuals from Kashmir had channelled unaccounted cash through hawala operations to invest in Dubai’s real estate market. Farooq Shaw, owner of KCI Emporium, which operates showrooms in five-star hotels across India and abroad, is under scrutiny for his alleged involvement.
The raids also targeted the residences of Waseem Ahmad Dar, a 39-year-old property dealer, and Taha Majeed Dar, a 35-year-old employee of the Power Development Department, in Srinagar’s Hyderpora area. Officials seized documents related to properties valued at over Rs 50 crores in Kashmir, many involving substantial cash components.
During the operation, over Rs 1 crore in cash was recovered. The seized evidence indicates that individuals from across India, including Srinagar, Delhi, and Hyderabad, participated in these dubious transactions. Media reported that IT officials revealed that the documents of property deals in Kashmir with transactions worth more than Rs. 50 crores involving huge cash components were also seized.
The crackdown falls under the framework of the Income Tax Act, 1961 and the Black Money Act, 2015, as authorities aim to combat unaccounted wealth and illicit financial flows. Further investigations are ongoing to trace the full extent of the network and the identities of those involved.
