- By Imran Zafar
- Wed, 27 Mar 2024 09:54 AM (IST)
- Source:JND
The Enforcement Directorate (EC) seized Rs 2.54 crore in "unexplained" cash, some of which was ingeniously concealed within a washing machine, in a case of alleged violation of the foreign exchange law. The operation spanned several major Indian cities, including Delhi, Hyderabad, Mumbai, Kolkata and Kurukshetra while the exact location of the washing machine stash remains undisclosed by the ED.
The ED's action follows the discovery of large-scale illegal foreign exchange transactions that involved outward remittances of Rs 1,800 crore to Singapore-based shipping entities, suspected to be fronts for money laundering.
ED has conducted searches under the provisions of FEMA,1999 at the premises of M/s. Capricornian Shipping & Logistics Pvt Ltd and its directors Vijay Kumar Shukla and Sanjay Goswami and associated entities M/s. Laxmiton Maritime, M/s. Hindustan International, M/s. Rajnandini… pic.twitter.com/0EDzrjrlRJ
— ED (@dir_ed) March 26, 2024
The accused companies, Capricornian Shipping and Logistics Pvt Ltd, Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stawart Alloys India Pvt Ltd, Bhagyanagar Limited, Vinayak Steels Limited, and Vashishta Constructions Pvt Ltd, are under scrutiny. Their directors and partners, including individuals such as Vijay Kumar Shukla, Sanjay Goswami, Sandeep Garg and Vinod Kedia, are part of the ongoing investigation.
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These companies allegedly engaged in “suspicious” transactions, routing Rs 1,800 crore to Galaxy Shipping and Logistics and Horizon Shipping and Logistics, both managed by an individual named Anthony De Silva. The remittances were purportedly for bogus freight services and imports, facilitated by a network of shell companies like Neha Metals, Amit Steel Traders, Triple M Metal and Alloys and HMS Metals, officials said.
The ED’s searches led to the recovery of various incriminating documents and digital devices, alongside the substantial cash seizure. In a further blow to the entities involved, a total of 47 bank accounts have been frozen, potentially unravelling a complex web of financial malfeasance.