ED arrests Hong Kong-based Indian woman in Rs 1478 crore laundering case
More than 100 accounts of different shell companies were involved in the operation and layering of these funds was done through more than 500 accounts.india Updated: Feb 28, 2017 01:04 IST
The Enforcement Directorate on has arrested a Hong Kong-based Indian woman Kritika Dahal on the charges of money laundering to tune of Rs 1478 crore.
The ED said in a statement that Dahal was allegedly using her company International Rising in Hong Kong to launder money in the garb of export of diamonds and gold. She was arrested on Saturday and now is in the custody of the ED.
The agency alleged that out of the total amount of Rs 1478 crore, around Rs 92 crore were laundered in old currency post-demonetisation.
“More than 100 accounts of different shell companies were involved in the operation and layering of these funds was done through more than 500 accounts. Ultimately, the funds from all companies/firms were credited through RTGS to a Mumbai-based firm Rajeshwar Exports which sent the money to Hong Kong in guise of payment of import of overvalued consignments of total 355 Bills of Entries,” said an ED statement.
The ED found that funds to the tune of USD 21.22 crore (around Rs 1421 Crore) were taken out from the account of Rajeshwar Exports over the last one year. Out of this, International Rising Limited received around Rs 990 crore for supply of 220 consignments of diamonds and gold and they appear to be overvalued 10 times.
Investigators suspect that Kritika Dahal was being used a front by one Ritesh Jain.