Probe Agency Raids 4 Cities In Gujarat, Maharashtra In Rs 2800 Crore Money Laundering Case

The Enforcement Directorate (ED) has conducted searches at four cities in Gujarat and Maharashtra in Rs 2800 crore money laundering probe linking Paplaj Foreign Trade LLP, the agency said on Monday.

ED's Surat based unit conducted these search operations under the provisions of Foreign Exchange Management Act (FEMA), 1999 at the premises of Paplaj Foreign Trade LLP, its partners Somabhai Sunderbhai Meena and Ojaskumar Mohanlal Naik and its associates at various locations in Surat, Vadodara, Mumbai and Pune.

During the search operations, various incriminating documents and electronic devices were recovered and seized, said the federal agency.

ED initiated investigations on the basis of information that Paplaj Foreign Trade LLP has made large scale suspicious outward remittances on account of overvaluation of import and export of diamonds.

The investigation revealed that Paplaj Foreign Trade LLP had done overvaluation of import of diamonds and has remitted an amount of Rs 2,800 crore between July, 2023 and March, 2024.

ED investigation further revealed that Paplaj Foreign Trade LLP had received amounts of Rs 2800 crore from various non - existent entities based in Surat, Delhi, Mumbai and Pune and remitted the same to eight entities based in Hong Kong.

During the search, ED said, it was being revealed that the entities which transferred amounts of Rs 2,800 crore approximately to Paplaj Foreign Trade LLP were shell entities and had provided accommodation entries through web of complex transactions in the garb of sale - purchase of diamonds.



from NDTV News Search Records Found 1000 https://ift.tt/MxRFp7q

Comments

Post a Comment

Popular posts from this blog

"Modi Does What He Promises": PM On Why People Trust His 'Guarantees'

Highlighting his recent state election slogan, "Modi ki Guarantee," Prime Minister Modi asserted that the country trusts his guarantee because he diligently works to fulfill them. During a one-day visit to Ayodhya, he inaugurated and laid the foundation stone for 46 projects worth Rs 15,700 crore. The events included the inauguration of Ayodhya Dham Junction, Maharishi Valmiki International Airport, and the flagging off of 6 Vande Bharat and 2 Amrit Bharat trains. "The strength of Modi's guarantee lies in the fact that Modi does what he promises. Today, the country has faith in Modi's guarantee because he puts in all his efforts to fulfill the guarantees he gives. This city of Ayodhya is also a witness to this," he stated. Expressing eagerness for the upcoming consecration at the Ram Temple, PM Modi proclaimed himself a devotee of every particle and person in India. PM Modi reached Ayodhya on a one-day visit, where he inaugurated and laid the foundation
Read more

'800-Strong Mob Intended To Cause Death': Probe Agency On Bengal Attack

Giving chilling details about the attack on its officials, allegedly by supporters of a Trinamool Congress leader, the Enforcement Directorate has said the mob consisted of 800-1,000 people and that there was an "intention to cause death". The agency said three of its officials were severely injured and that people in the mob robbed its personnel of their belongings, including mobile phones, wallets and laptops.  The attack occurred in Sandeshkhali in West Bengal's North 24 Parganas district on Friday, when an Enforcement Directorate team - accompanied by personnel from the Central Reserve Police Force (CRPF) - was carrying out searches at three premises belonging to Trinamool leader Sahajahan Sheikh in connection with the alleged Public Distribution Scam.  While the Trinamool Congress called the incident "a BJP conspiracy" and claimed "unruly elements attached with the central agencies provoked locals", the BJP has dubbed the continuance of the rul
Read more