Quick Summary
In a major breakthrough, the Enforcement Directorate (ED) has uncovered a complex network of Chartered Accountants (CAs) and hawala operators accused of laundering over Rs 10,000 crore of black money out of India in recent years. Searches conducted on January 2 in Thane, Mumbai, and Varanasi led to the recovery of digital and physical evidence, exposing the intricate modus operandi of the accused. Key Findings The prime accused, Jitendra Pandey, allegedly created over 98 shell companies and
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FAQ :
The ED has uncovered a significant money laundering network involving Chartered Accountants and hawala operators, accused of laundering over Rs 10,000 crore of black money out of India.
The accused allegedly used over 98 shell companies and 269 bank accounts to route illicit funds through circular transactions, often disguised as import payments, particularly freight charges, to countries like Singapore, Hong Kong, and Thailand.
Several CAs are reported to have played a crucial role by incorporating shell companies and managing regulatory filings for the accused.
The funds were remitted to entities in countries including Singapore, Hong Kong, and Thailand.
The ED's probe is based on an FIR filed by Thane Police against the prime accused, Jitendra Pandey, and others.
The ED is expanding its investigation to identify the full network of individuals involved and may initiate further legal proceedings under the Prevention of Money Laundering Act (PMLA).
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