The Department of Income Tax (IT) has busted a Hawala racket and recovered documents with transaction details over Rs. 500 crores in Jabalpur city of election-bound Madhya Pradesh.

During raids, the details of Rs. 500 crore transaction were recovered. Several raids were conducted by MP Police at multiple locations in last two days.

According to the source, the IT department has conducted raids at 17 distinct locations in Madhya Pradesh. During raids, IP department recovered undisclosed property amount to Rs. 3.5 crore and Rs. 60 lakh cash, which belongs to a businessman in Jabalpur.

IT department is also investigating political links with the case of Rs. 500 crore fraud.

Madhya Pradesh will go to election on November 28 to elect 230 constituency members of the state and the result will be declared on December 11.

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