Zee Business Exclusive: Income Tax Department increases surveillance regarding crypto assets; Check why?

The investigation wing of the Income Tax Department has uncovered many cases in which money was being sent out of the country via hawala channels to invest in crypto assets.

The Income Tax Department has increased its surveillance on crypto assets. Pic: Pixabay

The Income Tax Department has increased its surveillance on crypto assets. The move was in the wake of growing number of cases where investments were being made to send money out of the country. Tarun Sharma's brings this exclusive report.

The investigation wing of the Income Tax Department has uncovered many cases in which money was being sent out of the country via hawala channels to invest in crypto assets, Sharma said citing his top sources.

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These cases have been more prevalent in Delhi-NCR, Mumbai, and South parts of India, he further said. The department is keeping a close watch on such investors, he added.

Apart from that, the tightening of crypto investments in the domestic market has led to a boom in investments abroad.

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