Bizman held under PMLA, dubious firms under ED lens
The Enforcement Directorate ( ED) on Wednesday arrested Delhi- based businessman and an alleged “hawala” operator Naresh Jain in a money- laundering probe linked to “hawala” transactions worth about ` 20,000 crore.
According to sources Jain has been arrested under sections of the Prevention of Money Laundering Act ( PMLA). Several dubious firms and at least 600 bank accounts are under the scanner of the agency in the case, touted to be one of the biggest hawala and trade- based money- laundering cases of the country.
Sources said, “Jain and his associates are being probed for hawala or illegal financial transactions, including overseas ones, worth about ` 20,000 crore that have been carried out over the last few years”.
The agency has also found regular modus operandi of “generations of fake invoices for bogus import and exports” of the accused in the case, with Jain allegedly being the key player, they added.
The Delhi- based businessman was under the scanner of probe agencies for long and in 2016, the ED had slapped a ` 1,200- crore notice on him for alleged contravention of the forex law. Jain has allegedly laundered and routed “hawala” funds for years, financed contraband networks and was also arrested by the Narcotics Control Bureau ( NCB) in the past, sources claimed. The ED money- laundering case is based on this NCB complaint. The agency has been on Jain’s trail since 2009, after he moved his operations to India from Dubai.
“He will be confronted with several material evidences recently recovered by the agency sleuths during his custodial interrogation,” sources said, adding the agency will also nab his other associates.