The Enforcement Directorate (ED) has uncovered a huge money-laundering racket involving illegal overseas transfers of over INR 10,000 crore. The agency recently conducted searches in Mumbai, Thane, and Varanasi. During the operations, the agency seized movable assets worth INR 1 crore, which included jewelry and cash.
According to sources, the money was transferred to entities in Hong Kong, Singapore, and Thailand under the pretense of freight payments. The accused network included over 100 entities such as shell companies and private limited firms.
The principal accused, Jitendra Pandey, allegedly created 269 bank accounts, 12 private limited companies, and more than 98 shell companies. These entities were used to launder the money of crime to foreign destinations. The ED revealed that the transactions were layered through multiple bank accounts to hide the source of the funds.
A network of RTGS entry operators was also uncovered. These operators arranged financial entries in partnership firms’ accounts. The funds were then transferred to private limited companies involved in the freight industry. From there, the money was sent overseas under false freight charges.
The ED has also found the involvement of chartered accountants in this scheme. These accountants allegedly helped the accused with company registrations and compliance filings. Damning documents and digital evidence related to the transactions were retrieved during the raids.
The investigation began after the Thane police’s Economic Offenses Wing (EOW) filed a case against the accused. Jitendra Pandey and his associates were arrested earlier in connection with the fraud. The case involved remittances made to Hong Kong, Singapore, and Thailand under fabricated freight expenses.
The investigation is currently ongoing.
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