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ED arrests Punjab-born Dutch national for money laundering
The man was trying to flee from New Delhi by a flight to Paris at IGI Airport when ED sleuths caught him.
The Enforcement Directorate (ED) on Saturday arrested a Dutch national named Shivlal Pabbi in a money-laundering probe initiated at the request of the Netherlands’ government, officials said.
Pabbi was trying to flee from New Delhi by a flight to Paris at IGI Airport when ED sleuths caught him based on a look-out circular issued against him in February.
Officials familiar with the developments said Pabbi was allegedly involved in a money laundering and hawala racket from the Netherlands and it is suspected that he transferred around ₹30 crore to India with the help of some Pakistani nationals based in Dubai.
Originally, a resident of Phagwara in Punjab, Pabbi migrated to the Netherlands in 1981 and became a Dutch national in 1984.
“Pabbi committed cheating and forgery in the Netherlands on the basis of fraudulent documents prepared in connivance with his Indian associates. He ran an underground banking/banking without permit/hawala business in the Netherlands under the garb of trading in garments. The proceeds of crime were laundered through Pakistani individuals based in Dubai, who transferred the money to Pabbi and his brother’s NRE (non-resident external) accounts in Phagwara,” the ED said in a statement.
“The proceeds of crime were invested in the development and construction of Mayfair Resorts and Cabbana Resort & Spa in Phagwara on the Jalandhar-Ludhiana highway,” the ED added.
Cabbana, spread over several acres, is a renowned venue known mainly for hosting luxurious weddings, corporate events, among other events.
The resort was raided by the ED in February.
Pabbi was produced before a special court and has been sent to ED custody till July 23.
