ED Cracks Down on Major Foreign Remittance Scam

The Enforcement Directorate has seized Rs 10 lakh, incriminating documents, and digital devices during raids across 16 locations in connection with a Rs 400 crore foreign remittance scam. The investigation revealed funds were illegally sent overseas under the pretense of importing non-existent services.

In an extensive crackdown on illicit financial activities, the Enforcement Directorate (ED) has seized Rs 10 lakh in cash, along with incriminating records and digital devices. This action took place during raids conducted at 16 locations linked to a Rs 400 crore foreign remittance case, the agency revealed on Monday.

The Jaipur zonal office of the ED conducted these searches on March 7 in cities including Jaipur, Ajmer, Udaipur, Noida, and Mumbai. The operations were carried out under the Prevention of Money Laundering Act (PMLA), 2002, focusing on illegal foreign remittances made under the cover of gold, diamond, and precious stones smuggling.

According to the ED, the investigation was sparked by complaints from Customs (Preventive) Commissionerate, Jodhpur, highlighting fraudulent remittances amounting to approximately Rs 400 crore to entities in Hong Kong and UAE. These transactions, done through various bank accounts of Belstar Techno Solution Pvt Ltd and Visual Bird Technology, were disguised as payments for imported services that never occurred. Instead, these funds facilitated the illegal import of valuable materials.