Delhi police arrested an international kingpin, Naresh Jain, for offences of cheating, forgery and criminal conspiracy, said a senior police officer on Wednesday.
O.P. Mishra, Joint CP (Economic Offences Wing) said that the case was registered on the complaint filed by Enforcement Directorate, wherein it is alleged that Naresh and his accomplices were carrying out illegal activities, such as large-scale money laundering, hawala transactions, FEMA violations etc.
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 ED also initiated proceedings under the provisions of PMLA.
“During investigation, we found that hundreds of trading and tour travel companies and firms were incorporated in the name of persons recruited by him for the purpose of carrying out the circular trading, accommodation entries to show bogus turn over and hawala transactions. It has emerged that the bogus entities were being run from offices opened at various obscure places in Delhi with multiple entities registered at common addresses,” said Mr. Mishra.
The accused was carrying out the activities in conspiracy with the unscrupulous importers/exporters against hefty commissions. Such importers procure false ‘Bills of Entries’ from foreign exporters at very low rates to evade the import duties and pay the substantial balance amount towards such imports through the bank accounts of the shell companies being operated/controlled by Naresh and his associates, he added.
