New Delhi: The Enforcement Directorate (ED) stated on Wednesday that it has arrested ‘notorious’ hawala operator Naresh Jain, who’s suspected to have facilitated unlawful transactions amounting to greater than Rs 95,000 crore in India utilizing over 600 accounts.
A senior ED official instructed IANS that the company has arrested Jain below the sections of Prevention of Cash Laundering Act (PMLA), 2002.
The official stated that Jain alongside his accomplices has allegedly facilitated unlawful transactions involving greater than Rs 95,000 crore in India utilizing over 600 financial institution accounts.
The official stated that Jain additionally transferred about Rs 11,500 crore to abroad areas on numerous pretexts.
Jain was produced earlier than a Delhi courtroom on Wednesday.
The Delhi-based businessman has been below the scanner of the probe companies for a while now and in 2016, the monetary probe company had slapped a Rs 1,204 crore discover on him for alleged contravention of the Overseas Alternate Administration Act (FEMA).
The official stated that Jain had financed contraband networks and was additionally arrested by the Narcotics Management Bureau (NCB) up to now. The ED cash laundering case relies on this NCB criticism.
The official stated that he was arrested by the NCB on December 6, 2009, following which he was picked up by the ED. He remained in judicial detention and custody for over a 12 months.
The official claimed that Jain allegedly ran a world syndicate of transferring funds by way of hawala channels utilizing shell firms, tour-and-travel corporations and thru the formal banking community.
The official claimed that Jain was as soon as pursued by the legislation enforcement companies of Italy and the UAE and he had additionally come below the scanner of authorities within the US and the UK.
In its 2009 report shared with the Indian companies, the UK’s Severe and Organised Crime Company (SOCA) had stated that it had been monitoring a cash laundering racket involving the Delhi-based businessman, who was then allegedly working from Dubai, and his accomplices since 2005.
One other ED official stated that authorities within the UAE had despatched a report back to their Indian counterparts in 2009-10, alleging that Jain’s syndicate facilitated cash transfers in dirham price about Rs 2 lakh crore, suspected to have been raised by way of drug commerce and bribery.
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