ED Strikes Major Illegal Foreign Remittance Network: Rs 1 Crore Seized

 Mumbai, Thane, Varanasi: The Enforcement Directorate (ED) recently carried out extensive searches at 11 locations across Mumbai, Thane, and Varanasi, uncovering a major illegal foreign remittance operation. The investigation, which began after the Thane police booked Jitendra Pandey and his associates in October 2023, revealed an intricate web of financial crimes involving shell companies and fictitious partnerships.

During the searches, ED officials seized cash and jewellery worth nearly Rs 1 crore, alongside incriminating documents linked to property transactions and digital devices. The probe revealed a network of RTGS entry operators who manipulated bank accounts of partnership firms and shell entities to conceal the true origins of the funds. These funds, amounting to over Rs 10,000 crore, were funneled abroad, disguised as freight charges to countries like Hong Kong, Singapore, and Thailand.

The illegal transactions were routed through 98 fake partnership firms and 12 private limited companies, with the opening of about 269 bank accounts. Additionally, the involvement of chartered accountants in setting up these firms and ensuring regulatory compliance has emerged.

This is a significant blow to money laundering operations, as the ED continues to unravel the extent of this fraud. The accused were arrested after the FIR was filed by Thane police, who are also probing their extensive network.