Vijayawada: The Directorate of Enforcement (ED), Mumbai Zonal Office, conducted searches at 13 locations across India on Tuesday in connection with an investigation into alleged illegal foreign remittances involving M/s Rajeshwar Exports Private Limited and others under the Prevention of Money Laundering Act.
Searches were carried out at nine locations in Maharashtra, two in Delhi and two in Andhra Pradesh, covering premises of alleged beneficiaries, key operators, bullion traders and cooperative credit societies suspected of routing funds abroad. Officials said incriminating documents and digital devices were seized during the operations.
The ED initiated the probe based on an FIR registered in Mumbai against Ritesh Amritlal Jain and others, alleging criminal conspiracy, cheating and creation of shell entities and dummy firms to siphon funds. Investigators said proceeds of crime were layered through multiple entities floated in the names of employees and associates of Jain and remitted abroad under the guise of import-export transactions.
Preliminary findings indicate that about Rs 200 crore was routed through cooperative societies. Seized records suggest invoices were not supported by actual movement of goods, indicating accommodation entries used to legitimise transactions. Officials said more than Rs 250 crore was transferred by bullion traders to entities linked to the accused. The ED has earlier attached assets worth Rs 58.16 crore and filed a prosecution complaint before the special PMLA court.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
