ED arrests two men in money laundering case linked to illegal foreign remittances


PTI | New Delhi | Updated: 15-06-2022 13:59 IST | Created: 15-06-2022 13:55 IST
ED arrests two men in money laundering case linked to illegal foreign remittances
Representative image Image Credit: ANI
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The ED has arrested two people in connection with a money-laundering investigation linked to the alleged illegal remittance of Rs 425 crore funds to the UAE and Hong Kong using dummy or shell companies.

Vikas Kalra and Sidhant Gupta were arrested on June 13 and later a special Prevention of Money Laundering Act (PMLA) court sent them to 15 days of judicial custody, the Enforcement Directorate said in a statement on Wednesday.

It said the case pertains to ''fraudulent remittance of Rs 425 crore outside India using 19 dummy Indian entities”.

The money laundering case stems from a police FIR registered by the Punjab National Bank (PNB) ''against 19 entities that opened accounts with their Mint Street, Chennai branch and in a span of six months remitted Rs 425 crore to various entities in Hong Kong and UAE'', the statement said.

“On verification, the Indian entities were found to be non-existent and the real beneficiaries were found to be the promoter directors of entities outside India who are being brought to book.'' ''In this regard, one Vikas Kalra had incorporated three entities in Hong Kong of which he was the sole director and had used the same for the purpose of laundering Rs 18.95 crore,'' the ED alleged.

On similar lines, it said, Sidhant Gupta ''incorporated an entity in Hong Kong through which Rs 2.5 crore was laundered”.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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