The Enforcement Directorate (ED) has attached assets worth ₹1.80 crore in a bogus import case involving alleged “hawala” operator Afroz Mohammed Hasanfatta and others, taking the value of total attachment to over ₹42 crore.
The properties include a flat in Mumbai, five shops and another flat in Surat, besides bank balance, which belong to textile trader Bilal Haroon Galani, said the ED.
The probe is based on a complaint received by the Surat Crime Branch from the ICICI Bank against R.A. Distributors Private Limited and others, alleging that some companies had submitted fake bills of entry for illegal outward remittances.
Identification of 9 companies
The money laundering investigation led to the identification of nine companies that illegally remitted huge amounts of money to three companies in the United Arab Emirates and 15 others in Hong Kong, it is alleged.
The main sources of funds in these accounts were eight entities, apart from about 470 others. The eight entities received money through various cheque discounters and a web of 2,700 companies. The ED alleges that Afroz Fatta, Madanlal Jain, Galani, Jayesh Desai and Rakesh Kothari were involved in the racket. “These accused persons created shell companies using dummy persons as directors/partners,” it said in a release.
During investigation, the ED found that Galani had also allegedly earned commission for his role in the illegal foreign remittances using banking channels. The proceeds were routed through bank accounts and later used for purchasing properties, said the agency.
The ED had arrested Afroz Fatta and four other accused persons. A charge sheet was also filed in the case.
