The Enforcement Directorate has zeroed in on several properties in India and overseas as part of a probe against alleged international “hawala” operator Naresh Jain and his accomplices. The agency now plans to initiate attachment of the proceeds of crime under the Prevention of Money Laundering Act.
Some of the assets in question have been located to Madhya Pradesh’s Indore and Dubai, where Naresh Jain had lived for about 14 years. Preliminary findings have revealed that the accused persons had invested in a real estate project in India that is under the agency’s scanner.
The ED has also identified about 300 overseas bank accounts in Dubai, Hong Kong and Singapore suspected to be linked to the network that allegedly helped in the illegal parking of undisclosed incomes. It rotated funds to the tune of ₹96,000 crore in India and facilitated transfer of about ₹11,800 crore abroad, and in the process made at least ₹565 crore in commissions.
About 700 beneficiaries, whose financial dealings are being scrutinised, have been identified so far. During the course of investigation, their statements will be recorded under the PMLA.
The main accused, Naresh Jain, was arrested in September. The agency has already filed a chargesheet against the main accused and some of his accomplices. A Special Court has taken cognisance of the chargesheet and issued non-bailable warrants against his brother Bimal, son Puneet and two others, Harish Agarwal and Kuldeep Singh.
The accused persons provided “accommodation entry” to their clients to facilitate money laundering. About 500 shell companies were floated, mostly using forged documents, for the purpose. Banking channels were also used by them for making illegal transactions, it is alleged.
