ED Registered Case On Seabe Worldwide: The Enforcement Directorate has arrested Deepak Nayar, associate of M/s Seabay Worldwide beneath the Cash Laundering Act, for defrauding banks to the tune of Rs 1146 crore on the premise of cast paperwork. After his arrest, he was produced earlier than a particular ED courtroom from the place he has been despatched to ED custody until Could 20 for questioning.
A high ED official mentioned that this case pertains to fraud of Rs 1146 crore by making cast airway payments by means of some financial institution branches of State Financial institution of India and State Financial institution of Mauritius in Mumbai. On this case, it’s alleged that beneath the guise of freight forwarding providers, this firm and Deepak Nayyar created pretend invoices within the guise of importing reputed firms and cloud CCTV storage rental providers.
What are the allegations?
By means of these channels, 1146 crore rupees had been despatched to Hong Kong by making cast airway payments. On this case, throughout the fund path investigation, the ED got here to know that Deepak Nayyar and his associates have cast paperwork beneath the guise of freight providers. Additionally, Hong Kong cash was despatched from India to the financial institution accounts of many shell firms.
After the preliminary investigation of the ED, Hyderabad Police registered a case beneath numerous prison sections on 9 September 2021, after which the Enforcement Directorate began investigation by registering a case of Cash Laundering Act on this case. The Enforcement Directorate traced Deepak Nayyar on the premise of fund path investigation of suspicious financial institution accounts and evaluation of GST returns.
The place are the homeowners of shell firms?
It was additionally revealed that Deepak was an entry operator working shell firms. These shell firms acquired cash partly from Chinese language firms and different doubtful firms. On this case, the Enforcement Directorate had arrested CA Ravi Kumar of M/s HKR Associates on 27 December 2021.
In the course of the investigation up to now, the suspected mastermind of this case and the homeowners of shell firms have been mentioned to be absconding. Primarily based on the knowledge, Deepak Nayyar was arrested by the ED and produced earlier than the particular ED courtroom in Hyderabad. From the place he has been despatched on ED remand for interrogation, the investigation of the case is happening.
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