The main method which is being used to conduct TBML

The main method which is being used to conduct TBML is by influencing government policy to suit particular interests, use of front companies and using the banking system to launder money by indulging in a complex web of transactions to conceal the real source of income.

"Our conservative estimate suggests undervaluation to the tune of Rs 2000 crore per annum on electronic goods is taking place. Not only that due to overvaluation of import, estimated loss to exchequer is to the tune of Rs 900 crore in last two years," one DRI official says.

The recent modus operandi includes - circular trading in gold/diamond jewellery, where consignment is imported from Hong Kong/Dubai, then processing and reshuffling of jewels between consignment of overseas and Special Economic Zones is done (which takes more than a month). Later, shift to jewellery from diamond because of reduction of buyer credit period of 90 days (as per RBI norms). Buyer credit used to open fixed deposit account in banks to make profit out of interest arbitrage.

"When non-shell companies are used, a commission of 0.1 percent of the value of transaction is paid. Profits are laundered to safe havens," DRI official said. According to DRI, AEL group is one such company which laundered money to the tune of Rs 49,000 crore via this modus operandi, against which, showcause notices have been sent and investigation is still on.

Even the Enforcement Directorate (ED) has sent a few showcause notices to IT companies suspecting TBML. Senior ED officials also admit that TBML cases are on the rise and they are keeping a close tab on it.

Now, investigating officers have raised an alarm on increasing TBML in the country. An officer says, "Due to rising TBML, country is losing revenue, parallel economy of black money is working on ground and damaging the financial institutions. Unfortunately, our enforcement agencies are also ill-equipped to curb it."

Revenue officials have sought strong penal measures, streamlining of multiple export incentives schemes, special fast track economic offence courts, an integrated approach towards TBML, and international cooperation.

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