ED Detains International Drug Racket Leader from Ludhiana
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Synopsis
The Enforcement Directorate has arrested Akshay Kumar Chhabra, the leader of a global drug syndicate operating from Ludhiana, in connection with money laundering. The investigation revealed extensive illegal activities involving drug trade and financial fraud.
Key Takeaways
- Akshay Kumar Chhabra arrested for leading drug syndicate.
- Utilized shell companies for drug importation.
- Invested proceeds in real estate and liquor business.
- ED investigations led to substantial asset seizures.
- Separate case involved ITCOL and loan fraud.
Jalandhar, April 4 (NationPress) The mastermind behind a global drug trafficking network operating from Ludhiana was apprehended by the Enforcement Directorate (ED), Jalandhar Zonal Office, regarding money laundering activities, an official confirmed on Friday.
Akshay Kumar Chhabra, captured on Wednesday, utilized a complex network of shell corporations to import narcotics from Afghanistan and distribute them to his customers.
The ED commenced its inquiry following a case filed by the Narcotics Control Bureau, Chandigarh Zonal Unit. Chhabra has been charged under various sections of the Narcotic Drugs and Psychotropic Substances Act.
During the investigation, it was uncovered that Chhabra amassed significant proceeds of crime through the illicit drug trade, which he invested in real estate, liquor businesses, and transferred abroad via various hawala channels, stated an ED official.
In an unrelated case in Himachal Pradesh, the ED, Shimla, returned properties worth Rs 289 crore to a consortium led by Bank of India due to forgery involving the company, Indian Technomac Co Ltd (ITCOL).
The seized properties include land parcels in Sirmaur, Himachal Pradesh, and Hauz Khas, New Delhi, valued at Rs 190.95 crore.
Additionally, movable assets such as plant and machinery in Sirmaur, valued at Rs 97.96 crore, were also confiscated, according to the ED.
The ED started its investigation following an FIR filed by the CID, Himachal Pradesh Police, against ITCOL and its promoters, alleging that the company’s directors conspired with other staff and Chartered Accountants to misappropriate loans from a banking consortium.
The inquiry revealed that ITCOL secured loans from the consortium led by Bank of India between 2009 and 2013 by presenting forged detailed project reports and fabricating sales to fictitious companies.
The loans acquired by ITCOL were not used for their intended purposes, according to the ED.
