New Delhi, Aug 31 The Enforcement Directorate (ED) has arrested a man in a money laundering case connected with Rs 696-crore illegal remittance from India to Singapore and Hong Kong using a Chartered Accountant's credentials, an official said on Sunday.
Amit Aggarwal was arrested on August 30 as part of investigation against Kinzal Freight Forwarding (OPC) Private Limited and others for remitting crores of rupees by misusing credentials of Chartered Accountant Vikash Mohpal by using forged documents.
Aggarwal was one of the main persons involved in creating the complex web of entities using fake identities and opening their respective bank accounts for the illegal remittance, the ED said.
A Special PMLA Court has remanded him to ED custody for seven days, an official said.
He later arranged credit entries in the bank account of these entities from multiple other entities, in lieu of cash.
The Delhi zonal office of the ED initiated investigations into the matter after the registration of an FIR by the Economic Offences Wing of the Delhi Police for penal offences, including cheating, forgery and criminal conspiracy under the Indian Penal Code, 1860, a statement said.
The ED said the case caught the attention of the probe agency as a high quantum of funds totalling to Rs 696.69 crore were remitted from India to Hong Kong and Singapore in the garb of import of goods and services and payment towards freight charges.
Against these remitted funds largely no supply of goods and services were made in India, thus, causing loss of foreign exchange to the exchequer, the ED said.
The central probe agency added that for transfer of funds from India, a complex web of entities was created to undertake fraudulent account transactions.
The directors/proprietor/partners of the said entities used forged identity documents and subsequently bank accounts were also opened in the name of said entities using the same forged identities, it said.
To execute the outward remittances, these entities arranged credit entries in their respective bank accounts in lieu of cash and thereon with the help of forged airway bill, invoices and fake Form 15 CB (Accountant's certificate required under Income Tax Rules for payment to be made to a non-resident or to a foreign company), funds were remitted outside India, the ED added.
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