₹10,000 Cr Black Money Trail Unearthed: Mastermind Nabbed in Thane

Thane: In a major breakthrough, the Enforcement Directorate (ED) arrested Jitendra Pandey, the mastermind behind a ₹10,000 crore black money laundering operation, during searches in Mumbai, Varanasi, and Thane. The scam involved 98 shell companies and 296 fake bank accounts.

Pandey orchestrated the scam by layering transactions across 12 private firms under the guise of freight and logistics services. Funds were remitted abroad, specifically to Singapore, Thailand, and Hong Kong allegedly for Chinese imports. The ED revealed that Pandey used RTGS entry operators to reroute funds multiple times before they reached foreign bank accounts.

A network of chartered accountants played a critical role, aiding in setting up shell companies and regulatory compliance, including ROC filings. The accused reportedly claimed "freight charges" to justify massive remittances.

The scandal traces back to earlier arrests by the EOW, Thane police, bringing further attention to organized financial fraud in India.