New Delhi: The Enforcement Directorate (ED) has filed chargesheet against Naresh Jain over money laundering allegations for alleged role in international hawala transactions.
Probing hawala operator Naresh Jain, the ED has identified and found evidence of illegal money transaction worth Rs 565 crores. In the chargesheet, the agency says that Naresh Jain was involved in a huge transnational money-laundering operation.
The Special Court (PMLA), Rohini West took cognizance of the chargesheet and also issued Non-Bailable Warrant against 4 co-accused who were absconding.
Investigation conducted so far under PMLA has revealed that Naresh Jain along with his accomplices hatched a criminal conspiracy to forge / fabricate documents in order to cause loss to the government exchequer and Banks by providing accommodation entries to the beneficiaries and indulging in illegal foreign exchange transactions.
In furtherance to criminal conspiracy documents like identity proof, birth and education certificates, voter IDs, PAN cards and signatures were forged / fabricated to incorporate entities, operating bank accounts, facilitating bogus / over-invoiced / under-invoiced import and export transactions and rotation of the funds through web of shell companies to cause undue benefit to the parties involved and loss to the government exchequer and bank.
Rs 565 crores were then placed as licit funds in companies controlled by Naresh Jain. The money was then rotated in various shell companies and proceeds of crime were invested in real estate.
Naresh Jain also facilitated parking of funds abroad by Indian nationals through his international Hawala transaction structure created in India and in various other jurisdictions.
The total proceeds of crime generated by Naresh Jain and his accomplices in the form of commission on these Hawala and Domestic accommodation entry transaction detected till date is Rs. 565 Crore.
