The directorate has during the first five months (April to August) of the current fiscal seized assets worth Rs 12.80 crore and admission of concealment of income worth Rs 83.62 crore, a substantial increase over the corresponding period of the previous year, officials told PTI.

The directorate had during the corresponding period last year seized assets worth Rs 11.46 crore and admission worth Rs 11.49 crore.

The directorate during this period carried out 34 searches in the city, which involved corporate bodies engaged in manufacture of textiles, polyester yarns and ropes, film processing, chemicals and inland hawala operators.

Officials said the searches conducted in three groups of hawala operators had revealed that the persons involved were accommodatingthe interested parties (beneficiaries of hawala transactions) by issuing bogus bills for sale of fixed assets and other commodities, bogus profits from non-existing transactions in share and by issuing cheques for loan entries against cash received.

In cases involving issue of bogus bills for profits in bogus share transaction or cheques issued for bogus entries for loans, the amounts received in cash from the beneficiaries were deposited in a number of bank accounts and cheques were issued from such bank accounts to the beneficiaries, officials said.

Admitting this modus operandi, the hawala operators said they had received commission at the rate of 0.5 to three per cent of the amounts involved for their services.