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New Delhi:
The Enforcement Directorate (ED) has arrested alleged “hawala” seller Naresh Jain in a money-laundering probe linked to “hawala” transactions value about Rs 20,000 crore, officers stated on Wednesday.
They stated Naresh Jain has been arrested beneath sections of the Prevention of Money Laundering Act (PMLA) and will likely be produced earlier than a courtroom.
A maze of a number of shell or doubtful corporations and at the very least 600 financial institution accounts are beneath the scanner of the company within the case, touted to be one of many greatest hawala and trade-based money-laundering instances of the nation.
The officers stated Naresh Jain and his associates are being probed for “hawala” or unlawful monetary transactions, together with abroad ones, value about Rs 20,000 crore which were carried out over the previous few years.
The company has additionally came upon in regards to the common modus operandi of “generations of fake invoices for bogus import and exports” of the accused within the case, with Jain allegedly being the important thing participant.
The Delhi-based businessman was beneath the scanner of probe companies for lengthy and in 2016, the ED had slapped a Rs 1,200-crore discover on him for alleged contravention of the foreign exchange regulation.
According to the companies, Naresh Jain has allegedly laundered and routed “hawala” funds for years, financed contraband networks and was additionally arrested by the Narcotics Control Bureau (NCB) up to now.
The ED money-laundering case relies on this NCB grievance.
The company has been on Naresh Jain’s path since 2009, after he moved his operations to India from Dubai.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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