New Delhi, Mar 1 (PTI):
The Enforcement Directorate has connected belongings value over Rs 65 crore in reference to its cash laundering probe towards alleged hawala supplier Naresh Jain, the company stated on Monday.
The attachment stems from a probe towards Mr Jain in a case linked to over Rs 560-crore unlawful remittances which allegedly concerned routing and re-routing of funds by varied shell entities integrated in India and different nations.
The movable and immovable properties connected provisionally beneath the Prevention of Money Laundering Act (PMLA) include residential premises, venture land and industrial plots in Delhi, Rajasthan, and Madhya Pradesh.
The whole value of those belongings is Rs. 65.75 crore and they’re within the title of Bimal Kumar Jain, Sunita Jain, Vijay Agrawal and the businesses owned and managed by Naresh Jain akin to Graphic Buildcon Pvt Ltd, Arrow Buildtech Pvt Ltd, Season Buildwell Pvt Ltd and Konark Craft Pvt Ltd, the ED stated.
Mr Jain, 62, was arrested by the company in September final yr beneath the PMLA.
The ED stated its probe discovered that the “proceeds of crime to the tune of Rs 565 crore was generated as commission by Naresh Jain and his accomplices by providing hawala and accommodation entries through their shell entities incorporated in India and other countries”.
“The scheme not only involved various persons but several entities incorporated in India and foreign jurisdictions and routing and re-routing of proceeds of crime through various processes and activities,” the ED claimed in a press release.
“The proceeds of crime have been layered through complex web of shell entities multiple times so as to avoid detection and hide the real source.”
“Placement of proceeds of crime is done by introducing it in the financial system making it appear as if it is from a legitimate source in the form of loans and advances, share capital in the companies,” it stated.
“These loans, investments, share capitals have been projected in the books of their companies as if they are received from a legitimate source,” it stated.
“These proceeds of crime placed in financial system was used to acquire various assets (both moveable and immoveable),” the company alleged.
The central company filed a cash laundering case towards Naresh Jain and others after learning an FIR of the Economic Offences Wing of the Delhi Police.
It was discovered through the probe that “Naresh Jain, Bimal Kumar Jain, employees of Naresh Jain and others hatched a criminal conspiracy and committed forgery and cheating”.
It claimed that the accused cast paperwork akin to identification proof, delivery and training certificates, voter ID, PAN card and signatures to include tons of of shell corporations and entities in India and overseas.
“These shell companies were used to open and operate bank accounts for facilitating bogus, over-invoiced, under-invoiced import and export transactions, providing desired accommodation entries to known and unknown beneficiaries by rotating and layering of funds through web of these shell entities in order to cause undue benefit to the parties involved and loss to the exchequer and banks in lieu of commission,” the ED alleged.