Ex-manager of coop society arrested for ₹2,000 crore fraud
TIMES NEWS NETWORK
New Delhi 14.01.2019
: The Enforcement Directorate (ED) arrested Machindra Khade, a former manager of a Maharashtra-based cooperative society, on Sunday for alleged cash deposits of ₹2,000 crore and further laundering this money to banks in Hong Kong by layering transactions using multiple shell companies in India and abroad.
The accused was earlier manager of the Renukamata Multi-state Cooperative Urban Credit Society from where he had laundered large amounts of cash using fake import documents in the guise of diamond import.
“Investigation conducted by ED revealed that the accused persons fraudulently arranged illegal foreign outward remittances by submitting forged bills of entry in IndusInd Bank branch of Opera House, Mumbai, and remitted ₹2,000 crore to various accounts in Hong Kong in violation of various guidelines of Reserve Bank of India during 2013-14,” the agency said.
Besides Khade, the agency arrested Sanjay Jain, former director of Raghukul Diamonds, and Saurabh Pandit, director of Sky Light and Link Fai, companies based in Hong Kong. It also attached property worth ₹20 crore of the accused.
The ED had registered a case under Prevention of Money Laundering Act (PMLA) based on the FIR filed by DB Marg police station, Mumbai, against Yogeshwar Diamonds Pvt Ltd, Shree Charbhuja Diamonds Pvt Ltd and Kanika Gems Pvt Ltd for illegal remittance of foreign exchange.
The probe showed that the accused had collected cash at Renukamata Multistate Cooperative Urban Credit Society and obtained the signatures of account holders on blank RTGS slips.
Khade was arrested and produced before special PMLA court, Mumbai, on Sunday and was remanded to ED custody for four days.
TIMES NEWS NETWORK
New Delhi 14.01.2019
: The Enforcement Directorate (ED) arrested Machindra Khade, a former manager of a Maharashtra-based cooperative society, on Sunday for alleged cash deposits of ₹2,000 crore and further laundering this money to banks in Hong Kong by layering transactions using multiple shell companies in India and abroad.
The accused was earlier manager of the Renukamata Multi-state Cooperative Urban Credit Society from where he had laundered large amounts of cash using fake import documents in the guise of diamond import.
“Investigation conducted by ED revealed that the accused persons fraudulently arranged illegal foreign outward remittances by submitting forged bills of entry in IndusInd Bank branch of Opera House, Mumbai, and remitted ₹2,000 crore to various accounts in Hong Kong in violation of various guidelines of Reserve Bank of India during 2013-14,” the agency said.
Besides Khade, the agency arrested Sanjay Jain, former director of Raghukul Diamonds, and Saurabh Pandit, director of Sky Light and Link Fai, companies based in Hong Kong. It also attached property worth ₹20 crore of the accused.
The ED had registered a case under Prevention of Money Laundering Act (PMLA) based on the FIR filed by DB Marg police station, Mumbai, against Yogeshwar Diamonds Pvt Ltd, Shree Charbhuja Diamonds Pvt Ltd and Kanika Gems Pvt Ltd for illegal remittance of foreign exchange.
The probe showed that the accused had collected cash at Renukamata Multistate Cooperative Urban Credit Society and obtained the signatures of account holders on blank RTGS slips.
Khade was arrested and produced before special PMLA court, Mumbai, on Sunday and was remanded to ED custody for four days.
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