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Post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> department (I-T) has been really busy and stepped up its drive against those converting "black money" into "white". It has issued over 5,000 notices and detected undisclosed income of close to Rs 4,200 crore since November 08.<br />
<br />
After November 8th, about 1,000 surveys and search and seizure operations were conducted across the country.<br />
<br />
Between December 22 and 28, over 200 such operations were undertaken, data available with the department showed.<br />
<br />
While surveys involve scrutiny of books, cash and other assets, search and seizure are referred to as raids in common parlance.<br />
<br />
Rs 105 crore out of Rs 458 crore cash seizures, is a tad under a quarter, was in new currency notes of Rs 500 and Rs 2,000, indicating the widespread use of banking and cash mules to convert old currency into new ones, which is stored as cash in offices and homes.<br />
<br /> The move mounted through field offices is meant to identify those who used various tools - from depositing in banks to buying gold and jewellery soon after PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> announced demonetisation on November 8 - to try and protect their unaccounted wealth which was stashed away in the form of cash.<br />
<br />
Cash holdings are only a part of the black money with purchase of benami property and investments in gold and real estate being other tools.<br />
<br />
The tax department has deployed a multi-pronged approach, which involves detailed splicing of data received from banks and other sources and then sharing the numbers with the field offices.

I-T department issued over 5,000 notices, recovered Rs 4,200 crore cash since demonetisation

The CBDT on Monday claimed that the Income Tax Department has busted a hawala racket worth ₹ 3,300-crore and spread across multiple cities such as Delhi, Mumbai and Hyderabad with links to "leading corporate houses" in the infrastructure sector. The raids to unearth the large tax evasion nexus were conducted in the first week of this month on 42 premises in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra and <keyword id="826" type="LOCATION" weightage="20" keywordseo="Goa">Goa</keyword> on a group of people indulging in issuing bogus bills and carrying on hawala transactions. <br /><br />"The search action was successful in unearthing incriminating evidences and establishing the nexus between big corporates, hawala operators and identification of entire chain of delivery, as well as siphoning of funds by way of bogus contracts to the tune of Rs 3,300 crore," the CBDT said in a statement. <br /><br />The raids resulted in busting of a "major racket of cash generation" by leading corporate houses in the infrastructure sector through bogus contracts and bills, it said. <br /><br />Hawala denotes illegal transaction of funds by skirting the legal banking channels. <br /><br />"Funds meant for public infrastructure projects were siphoned off through entry operators, lobbyists and hawala dealers," it said.<br /><br /> The Board, the policy-making body for the I-T department, however, did not identify the entities raided. <br /><br />The companies involved in siphoning of funds are mostly located in the national capital region and Mumbai, it said. <br /><br /> One such company was earlier searched by I-T sleuths in April this year, the statement said. <br /><br />"The projects involved in bogus billing are major infrastructure and EWS (economically weaker section) projects located in south India." <br /><br /> "Evidence of cash payment of more than Rs 150 crore to a prominent person in <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> has also been unearthed during the search," the CBDT said. <br /><br />"Unexplained cash of Rs 4.19 crore and jewellery (worth) in excess of Rs 3.2 crore was also seized during the search operation," it said. NES NES TIR TIR

Income Tax department uncovers a hawala nexus involving top infra firms

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s crackdown on Chinese firms and mobile apps is "becoming increasingly unhinged" and the action is nothing but "politically-motivated crackdowns on businesses from <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword>", state-run Chinese paper <keyword id="107898" type="General" weightage="20" keywordseo="Global-Times" source="Orion">Global Times</keyword> has said.<br /><br />The Indian government this week banned 54 Chinese mobile applications, which are posing threat to national security. The Income Tax department on Wednesday also carried out raids at multiple premises linked to Chinese tech conglomerate Huawei across the country in connection with alleged tax evasion.<br /><br />The Global Times said in an editorial that after failing to gain any advantage by stirring up tension at the border with China, which drew stern responses from Chinese soldiers, "New Delhi has shifted its out-of-control jingoism toward a more vulnerable target - Chinese businesses operating in India".<br /><br />"Over the past several months, Indian authorities have banned dozens of Chinese mobile apps and raided local branches of many Chinese firms in shady 'tax investigations'," the editorial said late on Thursday.<br /><br />Chinese telecom giant <keyword id="110306" type="General" weightage="20" keywordseo="huawei-technologies" source="Orion">Huawei Technologies</keyword> confirmed earlier media reports that Indian tax authorities raided multiple offices of the firm and questioned its local employees.<br /><br />In a statement, Huawei said that it was confident that its operations in the South Asian country "are firmly compliant with all laws and regulations" and that it would "fully cooperate" with Indian authorities.<br /><br />"Huawei's response is standard for any business caught in such circumstances; however, let's be clear, Indian authorities' raid most likely has nothing to do with the Chinese firm's compliance issues, but has a great deal to do with the increasing hostility of officials in New Delhi toward China," read the editorial.<br /><br />Before Huawei, several Chinese companies, including smartphone maker <keyword id="874458" type="General" weightage="20" keywordseo="xiaomi" source="Orion">Xiaomi</keyword>, have already been targeted. In January, Xiaomi was ordered to pay 6.53 billion rupees ($87.8 million) for unpaid taxes alleged by the Indian authorities, claimed the editorial.<br /><br />Last month, multiple tax raids were carried out at the premises of Chinese smartphone makers in the country.<br /><br />The Finance Ministry issued a statement, saying that Chinese smartphone manufacturer Xiaomi's local company in India had engaged in "tax evasion" and demanded that it pay a total of Rs 6.53 billion ($88 million) in taxes owed between April 2017 and June 2020.<br /><br />Xiaomi denied the claim, saying that the company adheres to legal and compliant operations around the world and abides with the relevant laws and regulations of each jurisdiction in which it operates.<br /><br />Chinese mobile phone brands are highly popular in the Indian market, and their market share far exceeds that of local Indian brands.<br /><br />According to the editorial, Chinese officials have expressed concern over Indian authorities' actions against Chinese businesses and have repeatedly called on the Indian side to treat Chinese firms fairly.<br /><br />Commenting on India's latest raid of Huawei offices and bans on Chinese apps, a spokesperson for the Chinese Commerce Ministry on Thursday mounted a noticeably stronger response, calling the actions "a series of crackdown measures" that have seriously harmed the legitimate rights and interests of Chinese firms.<br /><br />"For that, China expresses serious concern," the spokesperson said.<br /><br />"However, though New Delhi appears to be constantly testing China's patience, Chinese officials have and will likely continue to avoid being dragged into tit-for-tat measures with India," read the editorial.<br /><br />"With this, we believe China will take necessary measures to protect Chinese interests overseas wherever they face discriminatory actions."<br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/cryptocurrency-criminals-are-turning-into-crypto-whales/articleshow/89664896.cms">Some of the biggest cryptocurrency HODLers are also crypto criminals, finds Chainalysis report</a><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/cbi-questions-former-nse-ceo-chitra-ramkrishna-regarding-alleged-abuse-of-co-location-facility/articleshow/89664579.cms"><strong>CBI questions former NSE CEO Chitra Ramkrishna regarding alleged abuse of co-location facility</strong></a><br />

India's crackdown on Chinese firms, apps getting 'increasingly unhinged',  as per China's Global Times

New Delhi, Mar 2 () Chhattisgarh Chief Minister Bhupesh Baghel on Monday wrote to Prime Minister Narendra Modi over the ongoing "politically motivated" raids in parts of the state by the Income Tax department, terming the action as an affront to the idea of cooperative federalism.<p>In a letter to the prime minister, Baghel said it is an intriguing coincidence that the timings of these raids coincide with the decision of the state government to initiate criminal investigations into the alleged acts of corruption committed under the previous BJP government.</p><p>The I-T department has been conducting multiple raids in Chhattisgarh since February 27.</p><p>"May I respectfully point out that the actions of finance/home ministries of the Government of India are nothing short of an affront to the idea of cooperative federalism that you have often spoken about," the chief minister of the Congress-ruled state said.</p><p> He said the action reflects "coercive and insecure centrism".</p><p> "The actions of the agencies of Government of India border on political vendetta on one hand and threaten the very core of our democracy on the other," he said in the letter.</p><p> Baghel questioned the "unconstitutional" use of CRPF personnel, which are to be used only for "emergencies" and exceptional circumstances, during the raids.</p><p> Asserting that law and order is a state subject and central forces cannot be deployed in a state without its consent and prior intimation, he said, "If each one of us fails to adhere to this cardinal principle of our constitutional democracy, we would become an undemocratic anarchy."</p><p> Baghel said raids have been conducted in a clandestine, cloak-and-dagger manner without any information being provided to the state government or to the state police.</p><p> "The central government's deployment of a central force to assist in motivated income tax raids undermines every word of Dr Ambedkar's caveat and the constitution scheme laid out in List II of the seventh schedule of the Constitution," he said.</p> "I take this opportunity to reiterate the availability of the police machinery or any other assistance in the quest to find and prosecute the corrupt," the chief minister said in the letter.  AKV  SNE

I-T raids affront to idea of cooperative federalism: Chhattisgarh CM to Modi

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Beck Diefenbach </span></p><p class="caption">Alphabet chairman Eric Schmidt.</p></div><p></p></div></div>Google's Spain HQ in Madrid has been raided by local authorities that are investigating the company's tax arrangements, <a href="http://news.sky.com/story/1719713/googles-madrid-hq-raided-in-spain-tax-probe" target="_blank">according to Sky News.</a></p><p>Commenting on the raid, a Google spokesperson said: "We comply with the tax law in Spain, as in every other country in which we operate. We are cooperating fully with the authorities in Madrid to answer their questions, as always."</p><p>The raid comes less than a month after the search giant's <a href="http://www.businessinsider.com/r-french-investigators-raid-googles-paris-hq-over-tax-case-source-2016-5" target="_blank">Paris office was raided</a> by French investigators.</p><p><em>This is a developing story.</em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/smartphone-addiction-brain-science-2016-6">There's a scientific reason we're addicted to checking our phones</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="8xdGNvMjE6dwGnz6ucI9uXnFMMqNocLw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Google's Madrid office has been raided by Spanish authorities

<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, April 1 (IANS) Shares of two-wheeler maker <keyword id="6357252" type="General" weightage="100" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> declined sharply on Friday after <keyword id="65338" type="General" weightage="80" keywordseo="income-tax-department" source="Orion">Income Tax department</keyword> detected some irregularities post a raid on the company.<br /><br />The shares fell over 6 per cent to around Rs 2,150. However, it pared some of its losses later. At 2.16 p.m., it traded 2.8 per cent lower at Rs 2,231.<br /><br />In late March, the Income Tax Department had conducted a search operation on the premises of Hero Motocorp in <keyword id="11900977" type="General" weightage="20" keywordseo="gurugram" source="Orion">Gurugram</keyword> and <keyword id="66" type="General" weightage="50" keywordseo="delhi" source="Orion">Delhi</keyword> in connection with alleged tax evasion.<br /><br />The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore and Rs 60 crore unaccounted cash used to purchase land in Delhi and role of shell companies after it raided the two-wheeler crop and two other groups, according to reports.<br /><br />Since the start of 2022, the shares of the company fell 10 per cent, whereas 25 per cent in the past one year, data showed.<br /><strong>SEE ALSO:<br /><strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/list-of-bank-holidays-in-april-2022-month/articleshow/90586419.cms">Here is a list of bank holidays in April 2022</a></strong><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/check-out-new-rules-that-have-been-introduced-from-1st-april-2022/articleshow/90588962.cms">These are the new changes in taxation that have kicked in from April 1</a></strong><br />

Hero Motocorp shares decline as income tax raids dented company's image

Just ahead of Durga Puja, one of the most celebrated events in Bengal, the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">income tax</keyword> department today raided several places in <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> and <keyword id="11004" type="CITY" weightage="20" keywordseo="Siliguri">Siliguri</keyword>. The move came after the <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax">I-T department </a>received a couple of intimations from several agencies.<br />
<br />
The IT officials had seized cash in tunes of several crores stocked in the offices and business premises run y accused companies and agencies, reported The Economic Times.<br />
<br />
If reports are to be believed, the recovered cash was scheduled to be sent to the Middle Eastern countries through a huge Hawala network.<br /> Officials, further informed, "The racket used to be operated from Kolkata. We are yet to ascertain the motive of the <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="money-laundering">money laundering</keyword>. And we are investigating into the specific destination of the money laundered in the Middle East countries. However, we have got information that the transactions were made to offshore accounts."<br />
<br />
Business ventures with illegal money transactions also came into light during the raids conducted today. Sources informed that retail shops with running a lottery business as another trade were also found.<br />
<br />
The searches are primarily being conducted at the offices located on Sarat Bose road in South Kolkata where <a href="http://www.businessinsider.in/searchresult.cms?query=Special+Task+Force">Special Task Force (STF)</a> of <keyword id="48501" type="ORGANIZATION" weightage="20" keywordseo="Kolkata-police">Kolkata Police</keyword> is also present.<br />
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The raids started early in the morning and other teams who actively joined-in, conducted the raids at the shops in Subhas market area in Siliguri.<br />
<em>Image: indiatimes </em><br />

Crores seized in I-T raid conducted in Kolkata and Siliguri

<br /> The <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> department has raided the house of a diamond merchant and his nephew, who is known to be quite popular publicly. The IT authority alleged that the duo were dealing in banned notes after demonetization. <br />
<br /> The raids were conducted in Bharat Diamond Bourse (<keyword id="502190" type="ORGANIZATION" weightage="20" keywordseo="bdb">BDB</keyword>), Mumbai's diamond hub.<br />
<br />
While an official report is awaited, the ET had reported earlier that some diamond merchants are dealing in scrapped notes after November 8 when the Rs 500 and Rs 1000 notes got banned.<br />
<br /> Tax authorities from <keyword id="24899" type="CITY" weightage="20" keywordseo="scindia">Scindia</keyword> house raided four mid sized bullion dealers in <keyword id="166543" type="COMPANY" weightage="20" keywordseo="Zaveri-Bazaar">Zaveri Bazaar</keyword> last month after they deposited huge amounts of old notes immediately in the aftermath of demonetisation.

IT department just raided a renowned
diamond merchant in Mumbai for dealing in banned notes

<ul><li><strong>The <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (<keyword id="12163" type="General" weightage="20" keywordseo="ed" source="Orion">ED</keyword>) has reportedly raided 44 locations across the country.</strong></li><li><strong>The locations reportedly belong to Chinese smartphone maker <keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> and its related firms.</strong></li><li><strong>The financial watchdog is reportedly investigating violations of the Prevention of Money Laundering Act (PMLA).</strong></li></ul>In a major crackdown on Chinese smartphone makers, India’s financial watchdog Enforcement Directorate (ED), has reportedly raided 44 locations across the country. The raids were conducted as part of its investigation into violations of the Prevention of Money Laundering Act (PMLA).<br /><br />The raids were reportedly conducted at places belonging to Chinese smartphone maker Vivo and its related firms. The raids are reportedly underway in Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, and several other states.<br /><br />It is unclear why the ED has raided Vivo or what evidence it has recovered so far from the raids.<br /><br />"Vivo is cooperating with the authorities to provide them with all required information. As a responsible corporate, we are committed to be fully compliant with laws," a Vivo spokesperson said in a statement to Business Insider India.<br /><br />Vivo is not the first Chinese smartphone maker under the ED’s scanner. Earlier this year, the ED had ordered a seizure of ₹5,551.27 crores from <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> India, claiming that the company had illegally remitted ₹5,551.27 crores in February 2022. The company had later approached the Karnataka High Court, which had reserved its verdict.<br /><br />Xiaomi had <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">claimed</a> that 84% of the amount mentioned above was remitted to Qualcomm as part of royalty payments.<br /><br />ED is not the only agency has is investigating Chinese smartphone makers. The Income Tax Department conducted <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">raids</a> across 15 locations of Xiaomi, Oppo, OnePlus, Dixon, and other companies in December 2021.<br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a><br /><br /><a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a><br /><br /></strong><a href="https://www.businessinsider.in/india/news/chinese-state-media-says-indias-seizure-of-over-5500-crore-from-xiaomi-could-be-seen-as-a-crackdown-on-chinese-companies/articleshow/91434053.cms"><strong>Chinese state media says India's seizure of over ₹5,500 crore from Xiaomi could be seen as a crackdown on Chinese companies</strong></a><br />

After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Chris Ratcliffe/Bloomberg via Getty Images</span></p><p class="caption">Uber CEO Travis Kalanick.</p></div><p></p></div></div>When government agents raid Uber's offices, the company springs into action with an immediate response: it shuts everything down and encrypt all its computers. </p><p>That's according to <a href="https://www.documentcloud.org/documents/3227535-Spangenberg-Declaration.html" target="_blank">a court declaration</a> by former employee Ward Spangenberg, who served as Uber's forensic investigator until last February. Spangenberg was fired by Uber and <a href="https://www.scribd.com/doc/315936305/Spangenberg-vs-Uber" target="_blank">is now suing</a> the ride-hailing startup for age discrimination, whistleblower retaliation, and defamation. </p><p>In the declaration filed in October that was first published by <a href="https://www.revealnews.org/article/uber-said-it-protects-you-from-spying-security-sources-say-otherwise/" target="_blank">Reveal's Will Evans</a>, Spangenberg describes his role on Uber's Incident Response team. </p><p>"I would be called when governmental agencies raided Uber's offices due to concerns regarding noncompliance with governmental regulations," Spangenberg wrote in the declaration. "In those instances, Uber would lock down the office and immediately cut all connectivity so that <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">law</keyword> enforcement could not access Uber's information."</p><p>Spangenberg refers to a raid of Uber's Montreal offices, which took place <a href="http://www.cbc.ca/news/canada/montreal/uber-montreal-offices-searched-by-revenu-qu%C3%A9bec-1.3074236" target="_blank">in May 2015</a>. Investigators from Quebec's revenue ministry raided two Uber offices in Montreal after suspicions were raised that the startup was evading taxes. Spangenberg told Reveal he encrypted the office's laptops remotely, making it impossible for the investigators to find out what was on them. </p><p>Asked about Spagenberg's allegations and if the plan he described was indeed standard Uber procedure during government raids, Uber sent Business Insider the following statement:</p><p>"It's no secret that Uber has trip coordinates and other personally identifiable information about riders and drivers, and it's our obligation to protect that. We cooperate with authorities when they come to us with subpoenas."</p><h2>Canadian judge</h2><p>According to documents published by Reveal, Uber challenged the search warrants in a Canadian court, but didn't find favor <a href="https://www.documentcloud.org/documents/3227561-Uber-Montreal-Superior-Court-Judgment.html#document/p37/a330342" target="_blank">with the judge</a>, who described Uber's conduct - according to Business Insider's translation - as having "all the characteristics of an attempt to obstruct justice." The judge concluded that "Uber wished to exempt the evidence of its unlawful conduct from the attention of the tax authorities."</p><p>In 2015 alone, Uber's <a href="http://www.businessinsider.com/r-dutch-prosecutors-raids-on-uber-offices-in-amsterdam-in-taxi-probe-2015-9" target="_blank">Amsterdam</a>, <a href="http://www.businessinsider.com/uber-offices-in-guangzhou-china-raided-by-police-2015-5" target="_blank">China</a>, and <a href="http://www.businessinsider.com/french-police-raid-uber-paris-office-2015-3" target="_blank">Paris</a> offices were all raided by authorities. W<span>hile it's not clear whether that encrypting the computers and shutting everything down is standard procedure to the company, Spangenberg implies that it is.</span></p><p><span>Reveal delves further into the case and Uber's privacy and security issues over the past few years, so head over to </span><a href="https://www.revealnews.org/article/uber-said-it-protects-you-from-spying-security-sources-say-otherwise/" target="_blank">Reveal's site</a><span> to read the full story.</span></p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/this-trucks-barrier-expands-out-back-for-quarter-mile-2016-12">This quarter-mile wall folds out of a truck in 60 seconds to protect soldiers</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JxMWt5NzE6ilXs12CDm77BKVhtlJVxcd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Uber encrypts its computers from afar when the government raids its offices, a lawsuit claims

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Greek flag flutters in the wind above tourists visiting the archaeological site of the Acropolis hill in Athens, Greece</p></div><p></p></div></div></span>Investigators raided the home of Christos Sclavounis, the former head of Greece's bank rescue fund, as part of a tax probe, <a href="https://next.ft.com/content/23cc4bfc-4ab3-11e6-b387-64ab0a67014c#axzz4EjnbWJXQ">according to a report in the Financial Times.</a></p><p>The Athens raid happened on July 4, said the FT report, citing people familiar with the situation. <span>Sclavounis has not yet made a public statement about the alleged raid. </span></p><p>Sclavounis was the head of UBS's investment banking arm in Greece, which he set up in 1997, before being appointed chairman of the Hellenic Financial Stability Fund in 2013.</p><p>He stepped down in 2015, a month after Syriza came to power in Greece.</p><p>The fund received about €48 billion (£40.1 billion, $53.1 billion) between 2012 and 2014 as part of bailout agreements to rescue Greek lenders. Just over €37 billion was used, leaving a buffer of €11 billion.</p><p>Swiss banks are under pressure from other global governments to co-operate with tax evasion investigations. On Sunday, <span><a href="http://uk.businessinsider.com/r-ubs-chief-says-swiss-government-is-leaving-banks-exposed-2016-7">UBS Chief Executive Sergio Ermotti, warned of an "offensive" against Swiss banks.</a> </span></p><p><span>He said in an interview that </span>Switzerland's politicians have done too little to protect the country's lenders from data demands from foreign governments.</p><p>"This is unacceptable and opens the door for a new offensive against Swiss banks," he said, according to a Reuters report. "On some issues, the train has left the station," he said.</p><p>Authorities in France, Germany and the United States have started tax probes into Swiss banks since the 2008 financial crisis.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tim-sykes-instagram-star-million-cash-bank-withdrawal-2016-5">Why this Instagram star withdrew $1.2 million in cash - then deposited it the next day</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xteTBsMzE66LW5zu1o_toAUh5j4YKAgp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The home of the ex-head of Greece's bank rescue fund has been raided in a tax evasion probe

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Paul Manafort.</p></div><p></p></div></div></strong></p><ul><li><strong>The FBI's raid on President Donald Trump's longtime personal lawyer's home and office Monday took Washington by storm.</strong></li><li><strong>There is one other known, high-profile instance in the last year in which the FBI targeted someone in a criminal investigation tied to Trump in the same manner: former Trump campaign chairman Paul Manafort.</strong></li><li><strong>The common thread between the Cohen and Manafort raids: investigators believed, with high confidence, that neither man could be trusted not to conceal, destroy, or move evidence outside the court's jurisdiction.</strong></li><li><strong>Three months after the Manafort raid, Mueller's office slapped him with a 12-count indictment. He was later charged with dozens of other financial crimes.</strong></li></ul><p>On Monday morning, FBI agents armed with a search warrant raided the home and office of Michael Cohen, President Donald Trump's longtime personal lawyer and closest confidant. They seized documents, electronic devices, personal financial records, and attorney-client communications, including those between Cohen and Trump.</p><p>The raids sent shockwaves through Washington, and legal analysts were unequivocal in emphasizing the enormity of their implications for Cohen and Trump, both of whom could face significant legal exposure depending on what investigators uncover.</p><p>There is one other high-profile instance over the last year in which the FBI went after a subject in a criminal investigation tied to Trump with the same aggression: former Trump campaign chairman Paul Manafort.</p><p>The FBI <a href="http://www.businessinsider.com/fbi-paul-manafort-home-raid-russia-probe-2017-8" target="_blank" rel="noopener">conducted an early-morning raid</a> on Manafort's Virginia home last July by knocking on his bedroom door at the crack of dawn. They left with various records, including tax and foreign banking documents.</p><p>Both Cohen and Manafort were cooperating with investigators at the time of the raids, which begs the question: what prompted such an aggressive tactic by the FBI?</p><p>According to legal experts and former federal prosecutors, there's one explanation: investigators did not think either man could be trusted.</p><p>"They obviously had reason to believe they could not trust Cohen enough to subpoena him and wait for the response," said Jeffrey Cramer, a former US attorney in Chicago who spent 12 years at the Department of Justice. "So they just went in, and that is hugely significant."</p><p>Harry Sandick, a former assistant US attorney from the Southern District of New York, echoed that point.</p><p>Search warrants like the one used in the Cohen and Manafort raids - which some legal experts characterize as a "no-knock" warrant - are "executed early in the day and by large teams of armed federal agents," Sandick said.</p><p>The FBI typically uses this approach in cases related to organized crime, drug dealing, and public corruption. It is less common in white-collar investigations unless prosecutors fear that a subject or target may destroy, conceal, or move evidence outside the district's jurisdiction.</p><p>Cohen has been referred to at different times as Trump's fixer, "pit bull," and consigliere. In addition to facing legal scrutiny for possible bank fraud and campaign finance violations, Cohen is a subject of interest in at least four investigative threads related to Trump.</p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZPEIU8D4&amp;SMLS=1&amp;RW=1920&amp;RH=880#/SearchResult&amp;VBID=2C0BXZPEIUPOR&amp;SMLS=1&amp;RW=1920&amp;RH=880&amp;POPUPPN=6&amp;POPUPIID=2C0BF1SZLMM00">Aaron P. Bernstein/Reuters</a></span></p><p class="caption">The Michael Cohen raids are said to have infuriated Trump more than any other development in the Russia probe.</p></div><p></p></div></div></span></p><p>Meanwhile, when the FBI asked to raid Manafort's home last year, "Mueller and his staff may have decided that, despite the claims of cooperation from Manafort's lawyer, Manafort could not be trusted to provide all of the documents requested by subpoena,"<span> </span><a href="https://www.justsecurity.org/44031/fbi-search-paul-manaforts-home-mean/" target="_blank" rel="noopener">wrote Harvard Law School professor Alex Whiting</a>, who served for a decade as a federal prosecutor at the Department of Justice and the US Attorney's office in Boston.</p><p>"If Mueller's team thought that there was any risk that Manafort would hide or destroy documents, that would be a strong reason to proceed with a search warrant," he added.</p><p>Prosecutors had to meet an even higher standard of proof in Cohen's case, given his status as a lawyer.</p><p>The US Attorney's Office for the Southern District of New York, which obtained the Cohen warrant, thought that not only was there enough evidence to obtain such a warrant but also that there was enough to seek attorney-client communications, such as those between Cohen and Trump.</p><p>"That's a very fraught and extraordinary move that requires multiple levels of authorization within the Department of Justice," wrote former federal prosecutor Ken White. He added that federal agents "are only supposed to raid a law firm if less intrusive measures won't work."</p><p>Cramer noted that the US attorney's office would have had to clear a slew of internal hurdles, which do not necessarily exist for the average citizen, to obtain the search warrant on Cohen before it went to a federal judge.</p><p>"So clearly, the affidavit was strong enough to warrant this kind of action," he added.</p><p>The Cohen raid was not conducted by investigators working for Mueller. Instead, FBI agents working for the US attorney's office for the Southern District of New York carried out the operation after apparently getting a referral from Mueller.</p><p>Cohen is already a subject of scrutiny in Mueller's investigation, which is examining whether Trump or his associates colluded with Moscow to tilt the 2016 US election in his favor. The Southern District's role in the raid remains unclear, but several legal analysts suggested the fact that the raid wasn't carried out by Mueller's agents indicates Cohen is the subject of not one, but two criminal investigations.</p><p>Three months after FBI agents raided Manafort's home last year, Mueller indicted him on 12 counts related to money laundering, tax fraud, conspiracy against the US, and failure to register as a foreign agent. Manafort was later slapped with additional charges like tax and bank fraud, all of which center around his lobbying work in Ukraine.</p><p>Manafort has pleaded not guilty to all charges.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/jared-kushner-ivanka-trump-secret-deal-planned-parenthood-cecile-richards-make-trouble-2018-4">Jared Kushner and Ivanka Trump tried to cut a secret deal with Planned Parenthood - here's what happened</a></h3>        <div>                    </div>    </div>

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