Hawala kingpin Naresh to be booked under PML, Passport Acts

Alleged hawala kingpin Naresh Kumar Jain, arrested for allegedly laundering drug money and financing narcotics cartels, is likely to be booked under the Prevention of Money Laundering Act soon.

Alleged hawala kingpin Naresh Kumar Jain, arrested for allegedly laundering drug money and financing narcotics cartels, is likely to be booked under the Prevention of Money Laundering Act soon.

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Arrested by the Narcotics Control Bureau, Jain, alleged to have laundered money for global terrorist Dawood Ibrahim, was also likely to be booked for violations of the Passport Act also, official sources said.

Jain, earlier arrested in Dubai two years back following a sting operation by American and European security agencies and had jumped bail, is understood to have told interrogators about his alleged involvement with international drug cartels.

The sources said he has given statement under Section 27 (A) and 24 of the NDPS Act, which is admissible in court.
Jain was arrested on Sunday following a joint operation by the NCB and the Enforcement Directorate, which had booked him in September under Foreign Exchange Management Act.

The ED had then described him as the "undisputed hawala king" who is alleged to have illegal payment network of over Rs 5,000 crore.

Jain after jumping bail in Dubai had come to India via Nepal in February this year as his passport was confiscated and hence is also likely to be booked under the Passport Act too since anyone who goes out of the country through a passport has to come back the same way as per rule, the sources said.