The Enforcement Directorate (ED) has unearthed a massive Rs 10,000 crore illegal remittance racket involving 98 dummy partnership firms and 12 private limited companies, revealing a sophisticated network of financial fraud. Funds were illicitly routed to entities in Hong Kong, Singapore, and Thailand under the guise of freight charges, highlighting the extensive scale of the operation.
The investigation, initiated on the basis of an FIR filed by Thane Police against Jitendra Pandey and others, uncovered the use of 269 bank accounts linked to shell entities. The accused allegedly employed complex layering of transactions to obscure the origin of the funds before transferring them abroad.
On January 2, search operations were carried out in Mumbai, Thane, and Varanasi under the Prevention of Money Laundering Act (PMLA). The raids resulted in the seizure of cash, jewellery worth Rs 1 crore, incriminating property documents, and digital devices, providing further evidence of the fraudulent activities.
The ED’s probe also exposed the involvement of RTGS operators and chartered accountants who facilitated the creation of dummy firms, handled regulatory filings, and ensured financial compliance, enabling the smooth operation of the racket.
The findings have raised serious concerns over the exploitation of regulatory loopholes and the role of professionals in aiding large-scale financial crimes. The ED is continuing its investigation to identify other individuals and entities linked to the racket.