08 Mar 2021
About 700 entities which had taken the assistance of a ‘hawala’ racket allegedly operated by Naresh Jain and his associates are under the Enforcement Directorate’s scanner for suspected laundering of undisclosed income running into thousands of crores.
The entities, most of which are into various business activities, allegedly paid commissions to the syndicate to rotate funds and also send the money overseas using hundreds of shell companies. The agency has so far detected ₹565 crore received by Naresh Jain and others as commissions, as alleged.
The syndicate had rotated more than ₹96,000 crore in India and facilitated the transfer of about ₹11,800 crore abroad. The shell companies used for routing the funds were opened using forged identification papers and signatures. They would provide bogus, over/under invoiced import and export transactions, besides accommodation entries.
Naresh Jain was arrested by the ED in September last year.
Read more at The Hindu
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