Delhi Importers Busted for Multibillion Rupee Money-Laundering Scheme

The Enforcement Directorate arrested Delhi-based brothers Mayank and Tushar Dang for laundering over Rs 4,800 crore. The case involves illegal foreign remittances linked to under-invoiced imports from China and Hong Kong, facilitated by a syndicate of importers, traders, and Chinese suppliers.

The Enforcement Directorate on Wednesday apprehended two importer brothers from Delhi in connection with a major money-laundering case. The case revolves around illegal foreign remittances exceeding Rs 4,800 crore sent to Hong Kong and China through fraudulent means.

Mayank and Tushar Dang were detained on November 25 in the national capital, accused under the Prevention of Money Laundering Act. A court has placed them in custody till Thursday. This follows the earlier arrest of Manideep Mago and Sanjay Sethi in the same investigation.

The Dang brothers allegedly orchestrated a complex syndicate involving Indian importers, traders, and Chinese hawala agents. They used fabricated invoices to remit payments abroad, primarily to Chinese firms involved in exporting goods to India, while inflating import costs significantly.

(With inputs from agencies.)