Enforcement Directorate Arrests Delhi-based Businessman in Money-Laundering Case

Enforcement Directorate Arrests Delhi-based Businessman in Money-Laundering Case On 05.05.2022, Deepak Nayyar, Partner of M/S Seabay International r/o New Delhi, was detained in a money laundering case by the Directorate of Enforcement (ED). The ED is investigating a money laundering case in which the accused laundered Rs 1146 crore to Hong Kong by sending Foreign Outward Remittances from select State Bank of India and State Bank of Mauritius branches in Mumbai, using forged Air Way Bills (AWBs) of reputable companies in the guise of Freight Forwarding Services and fabricated invoices in the guise of import of Cloud CCTV Storage Rental services. ED discovered the new modus operandi of using forged Air Way Bills of reputed companies in the guise of freight forwarding services and fake invoices in the guise of import of Cloud Rental Services to send bogus foreign outward remittances from multiple Bank accounts of multiple Shell companies during the course of the fund trail investigation, which resulted in the flight of Rs 1146 crore out of India. Under Section 66(2) of the PML Act 2002, the ED provided this information to Hyderabad Police, which resulted in the filing of a new FIR dated 9.9.2021 and the creation of a new PMLA case. Deepak Nayyar was tracked by the ED based on fund trail investigations of dubious bank accounts and examination of IT and GST forms. It was discovered that Deepak Nayyar was the entry operator who used shell firms to launder money. These Shell firms got Rs 1146 crore in laundered money from Chinese corporations and other dubious unrelated entities, which was then routed out as international outward remittances based on fraudulent certifications and paperwork. On the 27th of December, one CA, Ravi Kumar of M/s HAR Associates, was detained in this matter. The suspected mastermind and the owners of the shell companies have vanished. Deepak Nayyar was apprehended and brought before the PMLA Special Court in Hyderabad, where he was placed in ED custody till May 20, 2022. Further investigation is going on.