ED restitutes property worth Rs 13.58 cr to victims in a fake remittances case
As per the federal anti-money laundering agency's investigation, huge amounts were remitted to various companies based in Hong Kong, China and Dubai.
The Enforcement Directorate (ED) has seized unaccounted cash, documents, and digital devices during searches conducted at 16 locations across Rajasthan, Maharashtra, and Uttar Pradesh.
A preliminary review of the seized materials was completed on Monday.
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The ED-Jaipur teams launched the search operations on Friday in Jaipur, Ajmer, Udaipur, Noida, and Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency stated in an official communiqué released last evening.
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The raids were linked to an investigation against Belstar Techno Solution Pvt Ltd and several other entities.
During the operation, officials seized unexplained cash amounting to Rs10 lakh, along with various incriminating records and digital devices, the communiqué confirmed.
According to official sources, the investigation pertains to large-scale fund transfers to different countries by certain businessmen, including a Jaipur-based jeweler who allegedly operated a company in Hong Kong while residing in India.
The jeweler and his associates are suspected of engaging in hawala and fictitious transactions involving massive sums through shell companies.
Initially, the case was under investigation by Customs officials. However, following revelations of illegal gold and diamond imports by the jeweler, the matter was referred to the ED for further probe.
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