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These businesses have higher chances of getting engaged into transactions that
involve payments through the hawala system:
(Source: http://timesofindia.indiatimes.com/city/mumbai/Rs-
2000-crore-hawala-scam-unearthed-in-
Mumbai/articleshow/53904414.cms . Dated August 29,2016).
2. Gujarat Hawala Scam worth INR 5395 Crore (Economic Times July 19,
2014)
Hawala transactions worth Rs 5395 crore in Gujarat and has filed
charge-sheets against 79 accused. The illegal route was being used
for gold payments and property transactions, investigators said. The
entire transaction took place from ICICI BankBSE 0.08 %'s two
branches in Surat, as per the officials, between December-January-
February making officials term it as Indias largest Hawala Scam
Hasan Fata, Bilal Haroon Gilani and Madan Jain were the main
accused. The modus operandi was to transfer the money send by
traders and business houses to overseas via submission of forge
documents of diamond imports using the banking channels.
Madan Jain opened as many as nine bogus companies and
appointed paid directors to these companies. These bogus
companies were used for sending money in overseas companies
based in Hong Kong and Dubai. Enforcement Directorate(ED)
officials have traced down 17 such foreign companies.
Afrosh Fata used to get 0.1% commission on each transaction that
he would execute. ED officials have attached Rs 9 crore worth of
assets and bank belonging to Afrosh and his close relatives. ED has
slammed section 3 & 4 of Money Laundering Act against the 79
accused. Role of ICICI Bank was also under the scanner since such
huge amounts could not have probably be transferred without bank
insiders.
(Source: http://economictimes.indiatimes.com/news/politics-and-
nation/largest-hawala-scam-worth-rs-5395-crore-unearthed-in-
gujarat/articleshow/38686639.cms )
It is also used to send the profits of drug trafficking to arms dealers abroad in
the US.
Money transferred around the world needs to be kept track off, and
accounted in such a volatile global situation. This parallel system
disturbs the existing banking and foreign exchange system.
Existing Legal and Regulatory Framework in
India against the Hawala System:
FEMA- Under both FERA (Foreign Exchange Regulations Act 1973 )
and its successor FEMA (Foreign Exchange Management Act 2000) the
Hawala type transactions have been explicitly prohibited.
FEMA states that except with the permission of the Reserve Bank of India
(RBI), no person shall
Deal in, or transfer any foreign exchange or foreign security to any
person not being an authorized dealer.
Make any payment to, or for the credit of, any person resident
outside India.
Receive (except through an authorized dealer) any payment by
order, or on behalf of, any person resident outside India in any
manner.
Financial penalties of up to 3 times the sum involved or 2,00,000
Rupees
FERA regulated foreign contributions to political parties, charitable trusts, quasi
or non-governmental organizations and monitored the use of such contributions
for Hawala or for money laundering.