Synopsis
The ED has conducted extensive raids across three states, seizing ₹10 lakh in cash and digital devices as part of a major money laundering investigation. The case involves illegal remittances connected to the smuggling of gold and precious stones, with ongoing inquiries expected to implicate more individuals.Key Takeaways
- ED seizes ₹10 lakh during multi-state raids.
- Investigations reveal illegal foreign remittances.
- Trader from Jaipur identified as prime suspect.
- Ongoing inquiries may lead to more arrests.
- Connections to hawala transactions and shell companies.
Jaipur, March 10 (NationPress) The Directorate of Enforcement (ED) has confiscated ₹10 lakh in cash, along with incriminating documents and digital devices during operations at sixteen locations across three states, which include Jaipur, Ajmer, Udaipur, Noida, and Mumbai. These actions were taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into money laundering activities.
Officials reported that these raids pertained to a case involving significant illegal foreign remittances made in exchange for smuggling gold, diamonds, and precious stones.
The ED's investigation was initiated based on numerous complaints lodged by the Customs (Preventive) Commissionerate in Jodhpur under sections 132 and 135 of the Customs Act, 1962. This investigation unveiled that around ₹400 Crore had been remitted to various foreign entities in Hong Kong and the UAE through multiple bank accounts associated with M/s Belstar Techno Solution (OPC) Pvt Ltd and M/s Visual Bird Technology. These transactions were disguised as the import of services that were never provided.
In reality, these funds were transferred out of India to facilitate the illegal import of gold, diamonds, and precious stones. Further investigations are currently ongoing, according to officials.
A trader from Jaipur has been identified as the main suspect in this extensive financial fraud case involving illegal fund transfers abroad.
This individual allegedly operated a business from Hong Kong while residing in Jaipur. Initially, the case was examined by the Customs Department but was later taken over by the Enforcement Directorate due to allegations surrounding illegal imports of gold and diamonds.
The ED's operation is being conducted under the Prevention of Money Laundering Act (PMLA), with the case involving the transfer of crores of rupees abroad through anonymous companies and hawala transactions.
Sources indicate that this case centers on the illegal transfer of significant sums abroad, with allegations that the accused engaged in extensive hawala transactions via benami companies.
While the Customs Department initially investigated the matter, they passed it on to the ED after discovering evidence of a conspiracy involving gold and diamond smuggling.
Authorities have suggested that following the completion of the ED and IT raids, additional high-profile businessmen and companies may face implications.
Currently, the Income Tax Department, Customs Department, and ED are reviewing the confiscated documents, with further arrests anticipated. However, detailed findings are still to be released.
