Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
2-min read

ED Attaches Rs 10 Crore Assets of Mumbai Businessman in Surat Hawala Scam Case

The case pertains to over Rs 5,395 crore hawala funds being sent as alleged illegal outward remittances on the basis of import documents or fake bills of entry through an ICICI Bank branch in Surat.

PTI

Updated:January 17, 2020, 9:16 PM IST
facebookTwitter Pocket whatsapp
ED Attaches Rs 10 Crore Assets of Mumbai Businessman in Surat Hawala Scam Case
File photo of Enforcement Directorate

New Delhi: Assets worth about Rs 10 crore of a Mumbai-based businessman have been attached in connection with the multi-crore hawala and money laundering case of Surat in Gujarat, the ED said on Friday.

It said a housing complex named 'Rasool Manzil' and land, two flats (each measuring 480 sq feets) in Maharashtra's capital city and a plot of land located in Godsai village in Raigad district of businessman Abdul Karim Jaka have been provisionally attached under the Prevention of Money Laundering Act (PMLA).

The total value of the attached properties is Rs 9.50 crore.

The case pertains to over Rs 5,395 crore hawala funds being sent as alleged illegal outward remittances on the basis of import documents or fake bills of entry through an ICICI Bank branch in Surat.

The Enforcement Directorate (ED) had filed a criminal complaint under PMLA after studying a 2014 FIR of Surat Police crime branch.

The central agency, in March 2014, had busted a multi-crore hawala racket after searches at offices of some diamond traders in Surat, including Afroz Fatta and Madanlal Jain.

It was alleged that instead of importing diamonds, the duo made bogus import bills, claiming that they have purchased the diamonds from foreign traders.

Using these bills, it was alleged, that the duo used to transfer money through their bank accounts. Thus, money went outside without a single diamond being imported in India, the agency had found.

Fatta, Jain and a firm called R A Distributors along with others are accused in the case that is being probed under the anti-money laundering law by the ED.

Probe found that nine companies having accounts in ICICI Bank, Surat, had remitted huge amounts of money on the basis of forged bills of entry to three companies in UAE and 15 companies in Hong Kong.

"The main source of credits in these accounts are from entities like Vandana and Co, Natural Trading Co, Maruti Trading among others," the ED said in a statement.

Afroz Fatta, Madanlal Jain, Bilal Haroon Gilani, Jayesh Desai and Rakesh Kothari were involved in creating these "shell companies" using dummy persons as directors or partners, it said.

It said the main accused Fatta had "routed illegally earned commission in fraudulent transactions of foreign remittances in the guise of imports to the bank accounts of Jaka, a Mumbai-based businessman dealing in real estate and ship-breaking business, to the tune of Rs 9.5 crore who in turn placed the same in his group companies."

Fatta, Jain and others were arrested by the ED and it has also filed five chargesheets in this case in the past. Probe in the case in ongoing, it said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results