ED arrests 2 in Rs 425-cr money laundering case
New Delhi [India], June 15 (ANI): The Enforcement Directorate (ED) has arrested two persons in a case of money laundering wherein around Rs 425 crore were fraudulently remitted outside India using 19 dummy Indian entities.
ANI
Jun 15, 2022 14:51 IST
New Delhi [India], June 15 (ANI): The Enforcement Directorate (ED) has arrested two persons in a case of money laundering wherein around Rs 425 crore were fraudulently remitted outside India using 19 dummy Indian entities.
Vikas Kalra and Sidhant Gupta were arrested on Monday, said the ED in a statement.
The ED said it initiated a money-laundering investigation on the basis of the First Information Report (FIR) registered by Punjab National Bank against 19 entities which opened accounts with their Mint Street, Chennai branch and in a span of six months remitted Rs 425 crore to various entities in Hong Kong and the United Arab Emirates (UAE).
On verification, the ED said, the Indian entities were found to be "non-existent" and the real beneficiaries were found to be the promoter directors of entities outside India who are being brought to book him.
"In this regard, one Vikas Klara had incorporated three entities in Hong Kong of which he was the sole director and had used the same for the purpose of laundering Rs 18.95 crore. On similar lines, Sidhant Gupta had incorporated an entity in Hong Kong using which Rs 2.5 crore was laundered."
The Special Court (PMLA) has sent both the accused to Judicial custody for 15 days. (ANI)
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