NEW DELHI: ED has uncovered a network of CAs and hawala operators who sent out more than Rs 10,000 crore of black money out of the country in the past few years. A search on Jan 2 in Thane, Mumbai and Varanasi led to recovery of digital and other documents that revealed the modus operandi of the accused.
The agency Thursday said the prime accused, Jitendra Pandey, had opened more than 98 shell companies and 269 bank accounts to launder the “proceeds of crime” to Singapore, Hong Kong & Thailand.
“The probe further revealed a network of RTGS entry operators who used to arrange entries in accounts of partnership firms after layering the transactions through several bank accounts of shell companies in order to conceal the origin of the funds,” ED said.
After circular transactions in several bank accounts, the accused transferred funds in the accounts of 12 private limited companies to finally make foreign remittances. The funds were sent out of the country in the name of payments for import of goods from China. The shell companies were declared to be in the business of “freight and logistics” and remitted huge funds abroad in the guise of freight charges.
“Role of several CAs helping the accused in incorporation of the companies and with the regulatory compliances, including ROC filing etc, has also emerged,” the agency said.
The ED initiated a probe on the basis of an FIR registered by Thane police against Pandey and others. “They are accused of making remittances in excess of Rs 10,000 crore to entities in Hong Kong, Singapore and Thailand in the guise of freight charges through a web of bank accounts opened in the name of shell entities,” the agency claimed.Pandey and other accused were arrested by EOW, Thane police, last year.