ED Conducts Searches in Money Laundering Case
NEW DELHI: The Enforcement Directorate (ED) has intensified its crackdown on illegal financial activities by conducting searches at 16 locations across Jaipur, Ajmer, Udaipur, Noida, and Mumbai. This operation is linked to an alleged money laundering case involving over Rs 400 crore in illegal foreign remittances.
Details of the Allegations
The ED’s investigation reveals that massive remittances were made in exchange for smuggling gold, diamonds, and precious stones. The agency has so far seized Rs 10 lakh in cash along with crucial digital records, which could play a significant role in unraveling this complex web of financial deceit.
Background of the Case
This case stems from FIRs filed by the Customs Jodhpur Commissionerate, which uncovered that Rs 400 crore was remitted to entities based in Hong Kong and the UAE. The money was funneled through various bank accounts belonging to Belstar Techno Solution Pvt Ltd and Visual Bird Technology, utilizing a network of shell companies to obscure the true nature of the transactions.
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As the ED continues its investigation, the implications of these findings could have far-reaching effects on the individuals and companies involved in this intricate money laundering scheme. Stay tuned for more updates!
