An analysis of illegal wealth uncovered by the income tax department shows that at best, only 6% of illegal wealth is stored in the form of black money. Most of them will be able to save even this cash, it seems, given how frantically India is Googling for "How to convert black money into white" and the top searches are from Gujarat.
The game of converting black into white money was being played so smartly that the government had to make a lot of efforts to reach there. NBT has a list of few companies whose transactions have been caught by the central government as suspects. All of them had the same way of whitening black. This has come to light during the investigation of a suspicious account. It was such that Jharkhand's Ma Tara Steel Private Limited Company had 45 accounts. On November 8, the bank had only Rs 6781 on the day of the ban on bondage, but in the next two months after the ban on the transaction, 6 crore transactions were made from this account. Finally, only 1452 rupees were left in this account. Similarly, many accounts were opened after 8th November. Similar ways were being used in companies like Mahaveer Manufacturing Pvt Ltd, Gold Sukhtrad India Limited, Ashwin Vegetable India Private Limited, Anujay Exim Pvt Ltd, Radha Krishna Payal Bhandar Private Limited, Shanti Infrastructure Limited, App IT Solutions. The companies closed till December 31 after November 8 and made crores of transactions in the inactive accounts.
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