Enforcement Directorate Cracks Down on Rs 400 Crore Illegal Foreign Remittances Case

The Enforcement Directorate conducted searches in Rajasthan, Uttar Pradesh, and Maharashtra in connection with a Rs 400 crore money laundering case. The investigation revealed illegal foreign remittances under false import claims of gold and diamonds. The agency seized cash, records, and digital devices during the raids.

The Enforcement Directorate (ED) has intensified its probe into a significant money laundering case, executing searches in Rajasthan, Uttar Pradesh, and Maharashtra. The investigation, linked to fraudulent foreign remittances worth approximately Rs 400 crore, involves the alleged illegal import of gold, diamonds, and precious stones.

Conducted under the Prevention of Money Laundering Act (PMLA), the raids occurred on March 7 across sixteen locations, including Jaipur, Ajmer, and Udaipur, as well as Noida and Mumbai, as confirmed by the federal agency. This action stems from a Customs department charge sheet filed in Jaipur's designated court.

ED's findings revealed that Belstar Techno Solution (OPC) Pvt. Ltd. and Visual Bird Technology funneled funds to Hong Kong and UAE entities through multiple shell companies. The raids resulted in the seizure of Rs 10 lakh, incriminating documents, and digital devices, bolstering the investigation.

(With inputs from agencies.)