New Delhi: The ED has arrested a Delhi-based businessman Deepak Nayyar in a case linked to alleged laundering of funds worth Rs 1,146 crore by forging air way bills of reputed companies in the guise of freight-forwarding services. Nayyar was arrested on May 5 and produced before the Special Court at Hyderabad, the ED statement said.
Deepak Nayyar, a partner of M/S Seabay International and a resident of Delhi, was arrested and produced before the Prevention of Money Laundering Act (PMLA) Special Court in Hyderabad. He has been remanded to ED Custody from May 6 to May 20.
ED is investigating a money laundering case in which the accused persons laundered Rs 1,146 crore to Hong Kong by sending foreign outward remittances from select bank branches of State Bank of India and State Bank of Mauritius in Mumbai by using forged Air Way Bills (AWBs) of reputed companies in the guise of freight forwarding services and fabricated invoices in the guise of import of cloud CCTV storage rental services.
It said the investigators of the agency “came across the new modus operandi of using forged air way bills (AWB) of reputed companies in the guise of freight-forwarding services and fake invoices for import of cloud rental services to send bogus foreign outward remittances from bank accounts of multiple shell companies, which led to flight of Rs 1,146 crore away from India”.
ED further disclosed this information to Hyderabad Police under Section 66(2) of PML Act 2002 and it resulted in the registration of new FIR dated September 9, 2021, thus, recording a fresh PMLA case, the release said.
On probing suspect bank accounts and analysis of IT and GST returns, ED traced Deepak Nayyar, and it was found that Mr Nayyar was the entry operator using the shell companies to launder the money.
These shell companies received laundered money partly from Chinese companies and partly from other suspicious unconnected entities to the tune of Rs 1,146 crore. This laundered money was sent out as foreign outward remittances based on fake certificates/ documents.
The agency said it arrested a chartered accountant named Ravi Kumar of HAR Associates in December last year in this case.
“The suspected mastermind and the proprietors of the shell firms are absconding and further probe is on,” it said.