The Enforcement Directorate (ED) has achieved a significant breakthrough in a money laundering investigation. Reliable intel pointed to certain organizations funneling large amounts of foreign currency out of India. Consequently, the ED launched raids on several companies, seizing Rs 2.54 crore, much of which was ingeniously hidden in a washing machine.
The sweeping raids spanned locations in Delhi, Hyderabad, Mumbai, Kurukshetra, and Kolkata. The ED targeted Capricornian Shipping & Logistics Private Limited and its directors Vijay Kumar Shukla and Sanjay Goswami, employing provisions of FEMA, 1999.
Related entities such as Lakshmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stewart Alloys India Private Limited, Bhagyanagar Limited, Vinayak Steels Limited, and Vashishth Construction Private Limited were searched, implicating directors and partners like Sandeep Garg and Vinod Kedia in the operation.
During their probe, the ED discovered that Rs 1,800 crore of suspicious funds were sent to Singapore's Galaxy Shipping & Logistics Pte Ltd and Horizon Shipping & Logistics Pte Ltd, managed by Anthony D'Silva. This was done under the guise of fictitious cargo shipments and imports, with the collusion of entities such as Neha Metals, Amit Steel Traders, Triple M Metal & Alloys, and HMS Metals revealing a nexus of intricate transactions.
Incredibly, the raid uncovered Rs 2.54 crore that the accused couldn't account for. Part of this sum was concealed within a washing machine and has been confiscated. Various incriminating documents and digital devices were also seized, and 47 bank accounts associated with the entities have been frozen by the ED.
