New Delhi, September 2
The Enforcement Directorate (ED) has arrested alleged “hawala” vendor Naresh Jain in a money-laundering probe linked to “hawala” transactions price about Rs 20,000 crore, officers stated on Wednesday.
They stated Jain has been arrested underneath sections of the Prevention of Money Laundering Act (PMLA) and can be produced earlier than a courtroom right here.
A maze of a number of shell or doubtful companies and at the very least 600 financial institution accounts are underneath the scanner of the company within the case, touted to be one of many greatest hawala and trade-based money-laundering instances of the nation.
The officers stated Jain and his associates are being probed for “hawala” or unlawful monetary transactions, together with abroad ones, price about Rs 20,000 crore which have been carried out over the previous couple of years.
The company has additionally discovered in regards to the common modus operandi of “generations of fake invoices for bogus import and exports” of the accused within the case, with Jain allegedly being the important thing participant.
The Delhi-based businessman was underneath the scanner of probe companies for lengthy and in 2016, the ED had slapped a Rs 1,200-crore discover on him for alleged contravention of the foreign exchange regulation.
According to the companies, Jain has allegedly laundered and routed “hawala” funds for years, financed contraband networks and was additionally arrested by the Narcotics Control Bureau (NCB) up to now.
The ED money-laundering case is predicated on this NCB criticism.
The company has been on Jain’s path since 2009, after he moved his operations to India from Dubai. — PTI