The Directorate of Enforcement (ED) seized Rs 10 lakh cash, records, and digital devices during raids at 16 locations in Jaipur, Ajmer, Udaipur, Noida, and Mumbai under the Prevention of Money Laundering Act (PMLA) in connection with money laundering investigations. These raids are linked to illegal foreign remittances related to gold, diamond, and precious stones smuggling, as per officials.
ED initiated an investigation based on Customs complaints in Jodhpur under Customs Act, 1962. It unveiled that about Rs 400 Crore went to overseas entities in Hongkong and UAE through Belstar Techno Solution (OPC) Pvt Ltd and Visual Bird Technology’s bank accounts, via shell companies, under the guise of service imports never received. The money was actually sent abroad for illegal Gold/diamonds/precious stones import. Further inquiry is ongoing, as stated by officials.
A Jaipur trader is the main suspect in a financial fraud case involving illegal fund transfers abroad. He ran a company from Hong Kong while living in Jaipur, initially investigated by Customs and later taken over by the Enforcement Directorate (ED). The ED, acting under the Prevention of Money Laundering Act, is probing crores of rupees being moved overseas through anonymous companies and hawala transactions.
The case involves illegally transferring crores of rupees abroad through massive hawala transactions via benami companies. The Customs Department initially probed the issue before transferring it to the ED due to evidence of a gold and diamond smuggling plot.
Authorities suggest that after ED and IT raids, additional high-profile businessmen and companies may be implicated. The Income Tax Department, Customs Department, and ED are examining seized documents, anticipating more arrests with detailed findings pending disclosure.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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