ED searches seven premises in Delhi and Kolkata in money laundering case
The Enforcement Directorate is investigating the alleged transfer of Rs 569.03 crore to foreign companies using fabricated invoices.
The Enforcement Directorate (ED) conducted searches at seven locations across Delhi and Kolkata under the Prevention of Money Laundering Act 2002, according to the Deccan Chronicle. The agency is investigating illegal overseas fund transfers that were reportedly made using fake documents for the purchase of customised software.
The investigation follows an FIR filed by the MVP police station after the Income Tax department lodged a complaint against Vaddi Mahesh and others. The group is accused of using forged paperwork to facilitate overseas remittances through various banks.
The ED stated that Vaddi Mahesh, his father, and others established several companies with Kolkata offices and opened bank accounts to transfer Rs 569.03 crore to five companies in Singapore, Hong Kong, and China. The agency alleged that no software was actually imported despite the submission of fabricated invoices to banks.
The agency also identified Bhimendra Kumar Goyal, described as a habitual offender, as a person who allegedly smuggled goods and used Vaddi Mahesh to launder the proceeds. It is alleged that between 2014 and 2017, Mahesh remitted funds abroad on Goyal's instructions, which were then moved to accounts held by Goyal and his family-linked companies.
The ED estimated the proceeds of crime at approximately Rs 1,500 crore. The searches led to the seizure of documents, digital devices, property papers, and various foreign currencies, including US$ 5,900, 2,200 UAE dirhams, and 5,600 Chinese yuan.
Further investigation into the matter is currently underway.