New Delhi, March 1 : The Enforcement Directorate (ED) has attached properties to the tune of Rs 65.75 crore belonging to several persons associated with international hawala kingpin Naresh Jain and his companies in connection with a money laundering prtobe.
The ED in a statement said that it attached several moveable and immoveable properties consisting of residential properties, project lands and industrial plots located in Delhi, Rajasthan and Madhya Pradesh worth Rs 65.75 crore in possession of Bimal Kumar Jain, Sunita Jain, Vijay Agrawal and the companies owned or controlled by hawala operator Naresh Jain under the Prevention of Money Laundering Act (PMLA).
The official said the assets of Naresh Jain controlled or owned companies — Jayna Infrastructure Limited, Graphic Buildcon Pvt Ltd, Arrow Buildtech Pvt Ltd, Season Buildwell Pvt Ltd, Konark Craft Pvt Ltd and others have been attached.
The ED had registered a case of money laundering on the basis of the FIR registered by Economic Offences Wing of the Delhi Police.
The ED official said that during probe it was revealed that Naresh Jain, Bimal Kumar Jain, employees of Naresh Jain and others hatched a criminal conspiracy and committed forgery and cheating.
He said that documents like identity proof, birth and education certificate, voter ID, PAN card and signatures were forged or fabricated by Naresh Jain and other co-conspirators to incorporate hundreds of shell companies or shell entities in India and in other foreign jurisdictions.
“These shell companies or shell entities were used to open and operate bank accounts for facilitating bogus or over-invoiced or under-invoiced import and export transactions, providing desired accommodation entries to known and unknown beneficiaries by rotating or layering of funds through web of these shell entities in order to cause undue benefit to the parties involved and loss to the exchequer and banks in lieu of commission,” he said.
The official said that investigation conducted so far has established that the proceeds of crime to the tune of Rs 565 crore generated as commission by Naresh Jain and his accomplices by providing Hawala and accommodation entries through their shell entities incorporated in India and other countries.
The scheme not only involved various persons, but several entities incorporated in India and foreign jurisdictions, routing and re-routing the proceeds of crime through various processes and activities.
The proceeds of crime have been layered through a complex web of shell entities multiple times so as to avoid detection and hide the real source, he said.
The official further stated that placement of the proceeds of crime was done by introducing it in the financial system, making it appear as if it is from a legitimate source in the form of loans and advances, and share capital in the companies.
“These loans or investments or share capitals have been projected as if such share capital or loan or advances are received from a legitimate source in the books of their companies,” he said, adding that these proceeds of crime placed in the financial system was used to acquire various assets (both moveable and immoveable).
Jain has an international criminal profile.In February 2007, he was arrested in Dubai for illegal hawala activities.After getting bail, he fled from Dubai and reached India.He was arrested by the Narcotics Control Bureau in May 2009 and the provisions of COFEPOSA were invoked against him.
Thereafter, he was arrested by the Enforcement Directorate in the PMLA case.He has also been on the radar of the Serious Organised Crime Agency (SOCA), Britain, for his money laundering activities.
As per information gathered, two Red Corner notices have also been issued against Jain by the Interpol on the request of NCB-Rome and Dubai authorities
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