Anti-Money Laundering News and Information

Hawala dealer got Rs 565 crore (77 Million USD) as cuts for Laundering Money

NEW DELHI: In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through commissions by laundering thousands of crores in black money of businessmen, bureaucrats and politicians over the past few years.

Jain is wanted by the police of four countries — Italy, the UK, the US and UAE — and has been accused by the agency of circular transactions of more than Rs 95,000 crore black money belonging to some high net-worth individuals. He made transfers of at least Rs 18,000 crore of black money to foreign bank accounts which was later handed over to “beneficiaries” through their overseas contacts, according to sources in ED.

On Monday, the agency said it has attached assets consisting of residential properties and industrial plots located in Delhi, Rajasthan and MP worth around Rs 66 crore. The assets were in the name of Bimal Jain, Sunita Jain, Vijay Agrawal and companies owned and controlled by Naresh Jain, who was arrested last year.

“Investigation has established that 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 abroad,” ED said.

Bimal Jain has been found to be an employee of Naresh Jain and together they have been accused of hatching a criminal conspiracy, committed forgery and cheating by creating fake identity and proofs.

.

By Pradeep Thakur, March 2, 2021, published on Times of India

Share on linkedin
Share on facebook
Share on twitter
Share on whatsapp
Share on email
Recent Posts