New Delhi, Dec 9 : The Economic Offences Wing of Delhi Police has arrested transnational hawala kingpin Naresh Jain for the offences of cheating, forgery and criminal conspiracy.
A case was registered on a complaint filed by the Enforcement Directorate where it is alleged that Jain and his associates are carrying out illegal activities such as large scale money laundering, hawala transactions and FEMA violations.
Forged documents were used for getting dummy companies incorporated, opening and operating bank accounts and getting mobile connections for carrying out the sham transactions. The syndicate has been operating off-shore bank accounts opened in the name of shell companies in countries like Hong Kong, Singapore and Dubai etc. Based on the FIR registered by the EOW, the Enforcement Directorate also initiated proceedings under the provisions of PMLA.
After conducting preliminary enquiry into the complaint received from the Enforcement Directorate, a case was registered at the EOW in September 2018 and investigation was taken up.
The investigation has revealed that hundreds of trading and tour-travel companies and firms were incorporated in the name of persons recruited by Jain for carrying out circular trading, accommodation entries to show bogus turn over and hawala transactions. During the course of investigation, several persons who were recruited by the accused and his associates and who were appointed as directors and proprietors in the shell entities have been examined.
“During investigation, it has emerged that the bogus entities were being run from the offices opened at various obscure places in Vikas Puri, Pritam Pura, Janak Puri, Rohini etc. with multiple entities registered at common addresses,” said O.P. Mishra, Joint CP, EOW.
Jain along with his accomplices hatched a criminal conspiracy to forge documents in order to cause loss to the government exchequer by providing accommodation entries to the beneficiaries and indulging in illegal foreign exchange transactions.
Forged documents like identity proof, birth and education certificates, voter IDs, PAN cards and letter heads were prepared to incorporate entities for operating bank accounts, facilitating bogus, over-invoiced and under-invoiced import and export transactions and rotation of funds through a web of shell companies.
Jain has an international criminal profile. In February 2007, he was arrested in Dubai for illegal hawala activities. After getting bail, he fled from Dubai and reached India. He was arrested by the Narcotics Control Bureau in May, 2009 and the provisions of COFEPOSA were invoked against him.
Thereafter, he was arrested by the Enforcement Directorate in the PMLA case. He has also been on the radar of the Serious Organised Crime Agency (SOCA), Britain, for his money laundering activities. As per information gathered, two Red Corner notices have also been issued against Naresh Jain by the Interpol on the request of NCB-Rome and Dubai authorities.
Jain was arrested by the EOW on December 8 and is on four-day police remand.
Disclaimer: This story is auto-generated from IANS service.