Jaipur, March 10 Directorate of Enforcement (ED) has seized cash amounting to Rs 10 lakh, incriminating records and digital devices during raids at sixteen locations across three states including Jaipur, Ajmer, Udaipur, Noida and Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with money laundering investigation.
These raids were related to a case wherein huge illegal foreign remittances have been made in lieu of the gold/diamond/precious stones smuggling, said officials on Monday.
ED initiated an investigation on the basis of various complaints filed by Customs (Preventive), Commissionerate, Jodhpur u/s 132 and 135 of Customs Act, 1962 before Chief Metropolitan Magistrate (Economic Offences), Jaipur which revealed that approximately Rs 400 Crore were remitted to various overseas entities based at Hongkong and UAE through various bank accounts of M/s Belstar Techno Solution (OPC) Pvt Ltd and M/s Visual Bird Technology, after routing through web of multiple shell companies, in the guise of import of services which were never received.
However, in actuality, the funds were remitted outside India against the illegal import of Gold/diamonds/precious stones. Further investigation is under progress, said officials.
A Jaipur trader has emerged as the prime accused in a large-scale financial fraud case involving illegal fund transfers abroad.
Allegedly, he was operating a company from Hong Kong while residing in Jaipur. Initially investigated by the Customs Department, the case was later taken over by the Enforcement Directorate (ED) following allegations of illegal gold and diamond imports.
The ED is conducting the operation under the Prevention of Money Laundering Act (PMLA), the case involves crores of rupees being transferred abroad through anonymous companies and hawala transactions.
Sources said that the case revolves around the illegal transfer of crores of rupees abroad. It is alleged that the accused conducted massive hawala transactions through benami companies.
The Customs Department was initially investigating the matter but handed it over to the ED after uncovering evidence of a gold and diamond smuggling conspiracy.
Authorities suggest that once ED and IT raids conclude, more high-profile businessmen and companies could be implicated.
The Income Tax Department, Customs Department, and ED are currently examining seized documents, and further arrests are expected. However, detailed findings are yet to be disclosed.
--IANS
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