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Foreign exchange law violation: ED recovers Rs 2.54 crore concealed in washing machine

Written by  Jasleen Kaur -- March 27th 2024 08:32 AM
Foreign exchange law violation:  ED recovers Rs 2.54 crore concealed in washing machine

Foreign exchange law violation: ED recovers Rs 2.54 crore concealed in washing machine

New Delhi, March 27: The Enforcement Directorate (ED) has recovered Rs 2.54 crore in "unexplained" cash during raids across several cities, with a portion stashed away in a washing machine, in connection with an alleged foreign exchange law violation. The searches targeted the premises of numerous companies and their directors, including Capricornian Shipping and Logistics Pvt Ltd, Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stawart Alloys India Pvt Ltd, Bhagyanagar Limited, Vinayak Steels Limited, and Vashishta Constructions Pvt Ltd. Among those under scrutiny are Vijay Kumar Shukla, Sanjay Goswami, Sandeep Garg and Vinod Kedia.

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Conducted in Delhi, Hyderabad, Mumbai, Kolkata and Kurukshetra in Haryana, the ED raids were prompted by "credible information" pointing towards the entities' involvement in significant outbound foreign exchange transactions. They allegedly routed suspicious outward remittances amounting to Rs 1,800 crore to Singapore-based entities Galaxy Shipping and Logistics and Horizon Shipping and Logistics, managed by Anthony De Silva. The transactions, purportedly for bogus freight services and imports, were facilitated through intricate dealings with shell companies like Neha Metals, Amit Steel Traders, Triple M Metal and Alloys, and HMS Metals.

The discovery of Rs 2.54 crore in unexplained cash, including a portion hidden within a washing machine, marks a significant development in the investigation. Besides, the authorities seized various "incriminating" documents and digital devices during the raids. Additionally, 47 bank accounts linked to the involved entities have been frozen as part of the ongoing probe.

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