Enforcement Directorate indicted Naresh Jain, his assistants under PMLA
New Delhi:
Alleged hawala dealer Naresh Jain and his accomplices have “generated” black money worth Rs 565 crore from their global networks so far, the Law Enforcement Directorate said on Tuesday. (ED).
The central investigative agency said it filed a lawsuit against Naresh Jain and others under the criminal sections of the Money Laundering Prevention Act (PMLA) in a special court in Delhi on October 28.
“The court took note of the indictment on November 2 and also issued arrest warrants against four defendants missing in this case,” he said in a statement.
Naresh Jain, 62, was arrested by the ED in September in connection with a money laundering investigation linked to questionable transactions worth over Rs 1 lakh crore with more than 550 shell companies during the last years.
“Probe found that Jain and his accomplices had devised a criminal conspiracy to forge and fabricate documents in order to cause losses to the treasury and banks by providing lodging tickets to beneficiaries and engaging in cash transactions. illegal exchange, ”said the DE.
“The total crime proceeds generated by Jain and his accomplices in the form of commission on these hawala entry and domestic accommodation transactions detected to date is Rs 565 crore,” he said.
The DE alleged that in order to commit these crimes “documents such as proof of identity, birth and education certificates, voter IDs, PAN cards and signatures were forged and fabricated to incorporate entities. , to manage bank accounts, facilitating fake, over-invoiced import and export transactions invoiced and the rotation of funds through the network of shell companies. “
“This was done to cause undue advantages for the parties involved and losses for the public treasury and the bank,” he said.
Jain, he said, has also made it easier for Indian nationals to park funds overseas through his hawala international transaction structure established in India and various other jurisdictions.
A labyrinth of 554 naughty or dubious companies, at least 940 suspicious bank accounts and remittances of over Rs 1.07 lakh crore are under the agency’s scanner in this investigation, billed as one of the biggest hawala and money laundering based on the country’s trade case.
Under the ED’s probe scanner are “big corporations and a big currency exchange company,” ED sources told PTI news agency.
Jain’s arrest in September was linked to Delhi Police’s EOW FIR police filed for deception, forgery and criminal conspiracy which was recorded on the basis of a complaint made by the ED.
The UK Serious Organized Crime Agency (SOCA) also delivered a report on the alleged money laundering activities of Naresh Jain and his associates in India in 2009, while he was based in Dubai.
Dubai police arrested him along with nine others in February 2007 on charges of similar crimes and he was later released on bail.
Agency officials said Naresh Jain fled Dubai in 2009 and had two global arrest warrants issued by Interpol at the time.
