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India


ED attaches assets worth Rs 7.63 Cr in bogus import case

ED attaches assets worth Rs 7.63 Cr in bogus import case

New Delhi, Feb 21 (UNI) Directorate of Enforcement (ED) has attached assets worth Rs 7.63 crore of land and bank balance of a Mumbai based businessman in a bogus import case under Prevention of Money Laundering Act (PMLA), an official statement said here on Friday.

The attached property comprising of immovable properties of 15 plots measuring 3848.93 sq mtrs worth Rs 4.80 crore located at Gam-Katargam in Surat in the name of Rivertouch Resorts Pvt Ltd which is owned by the accused Madanlal Jain and his bank accounts of Rs 2.83 crore with Canara Bank, Girgaum branch at Mumbai.

Investigation under the PMLA were initiated on the basis of a complaint received by the Surat Crime Branch from ICICI bank against RA Distributors Pvt Ltd and others alleging that the companies had prepared fake Bills of Entry and presented the same before ICICI Bank for illegal outward remittances.

The probe agency investigation had revealed that the nine companies having accounts in Surat ICICI Bank had remitted huge amount of money on the basis of forged Bills of Entry to three companies in UAE and 15 companies in Hong Kong.

The main sources of credits in these accounts are from the eight entities Vandana & Co, Natural Trading Co, Maruti Tading having accounts in Axis bank apart from around 469 other entities, the ED official said.

Further, these said eight entities having accounts in Axis Bank had received funds through various cheque discounters and a web of 2700 companies and further enquiry revealed that Afroz Mohamed Hasanfatta, Madanlal Jain, Bilal Haroon Gilani, Jayesh Desai, Rakesh Kothari were involved in this racket. These accused persons created shell companies using dummy persons as directors and partners, the investigation agency said.

Investigation further revealed Madanlal Jain had earned commission for his role in the illegal transactions of foreign remittances made on the strength of fake Bills of Entry and he is the beneficiary of the proceeds of crime laundered and transferredfrom Indian companies to the accounts of the Mabrook Trading FZE, company based at Dubai on the strength of forged bill of entries.

Earlier, the probing agency had arrested Afroz Mohamed Hasanfatta, Madanlal Jain, Manish Shah, Rakesh Kothariand Jayesh Desai and attached their properties worth Rs 26.55 crore and also filed five prosecution complaints against them before designated Special Court (PMLA) in Ahmedabad.

Now including this attachment, total attachment in this case has reached to Rs 34.18 crore, the ED said adding that the further investigation has been continued.

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