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Money laundering in Mumbai: ED attaches diamond trader’s properties worth ₹58.16 crore

Ritesh Jain of Rajeshwar Exports and his aide Amritlal Jain deposited Rs100 crore in shell companies after demonetisation, revealed investigation.

mumbai Updated: Dec 20, 2017 01:09 IST
Pratik Salunke
Pratik Salunke
Hindustan Times
Mumbai,Money laundering,ED
The trader laundering Rs1,478 crore through a web of shell companies(FOR REPRESENTATION)

The Enforcement Directorate (ED) has attached properties worth Rs58.16 crore of a diamond trader and his aide for allegedly laundering Rs1,478 crore through a web of shell companies.

Ritesh Jain of Rajeshwar Exports and his aide Amritlal Jain deposited Rs100 crore in shell companies after demonetisation, revealed investigation.

“The ED provisionally attached 10 immovable properties, gold jewellery and diamonds worth Rs. 58.16 crores. The belong to Ritesh and Amritlal,” said an ED officer.

ED had earlier registered a case against Ritesh for allegedly opening bank accounts in the name of dummy companies. The case was registered under the provisions of Prevention of Money Laundering Act (PMLA), 2002 after an FIR registered by the Mumbai police last December.

He allegedly collected money through a web of shell companies.

As much as Rs1,478 crore was routed to Rajeshwar Exports and later remitted to HongKong in the guise of payments for import of diamonds and jewellery, which were found to be overvalued, said an ED official.

First Published: Dec 20, 2017 01:07 IST