New Delhi, April 19 The Enforcement Directorate (ED) has attached five immovable properties in Indore (MP), Greater Noida (UP), Solan (HP) and Gandhi Nagar (Gujarat) in the form of land and residential flats worth Rs 21.31 crore belonging to one Naresh Jain.
"Proceedings under the Prevention of Money Laundering Act, 2002 was initiated by the ED by recording an ECIR against Naresh Jain and others on the basis of an FIR registered by Economic Offences Wing (EOW) of Delhi Police for commission of offences punishable under various sections of the Indian Penal Code," said the ED.
The probe agency learnt that Jain and others conducted international Hawala operation and domestic operation of providing accommodation entries to co-conspirators i.e. the beneficiaries in lieu of his commission.
Jain, along with his accomplices, confidants, employees and others, established structure of shell entities by incorporating companies or forming other business entities like firm or individual proprietorship, it stated.
"Investigation revealed that Jain incorporated and operated 450 Indian and 104 foreign entities. These entities were incorporated by using original identity proofs and documents of dummy shareholders and directors as well by fabricating identity proofs and documents of these shareholders and directors," said the official.
The official said that these shell companies were used to open and operate bank accounts for facilitating bogus import and export transactions, providing desired accommodation entries to known and unknown beneficiaries by layering of funds through web of these shell companies in order to cause undue benefit to the parties involved and loss to the exchequer and banks in lieu of commission.
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