The case entails “unlawful” sending of overseas remittances value Rs 4,817 crore. (File)
New Delhi:
The ED on Wednesday stated it arrested two Delhi-based importer brothers in a money-laundering case linked to alleged unlawful overseas remittances value greater than Rs 4,800 crore made to Hong Kong and China.
Mayank Dang and Tushar Dang have been taken into custody on November 25 within the nationwide capital beneath provisions of the Prevention of Cash Laundering Act.
An area courtroom has despatched them to Enforcement Directorate (ED) custody until Thursday, the company stated.
Earlier, Manideep Mago and Sanjay Sethi have been arrested as a part of this investigation.
The case entails “unlawful” sending of overseas remittances value Rs 4,817 crore towards “bogus” and “cast” invoices for making compensatory funds for under-invoiced imports created from China and Hong Kong.
The Dang brothers, the company stated, made a “effectively organised” syndicate comprising a giant pool of Indian importers and merchants, money handlers, worldwide hawala brokers, native ‘Angandiya’ companies, quite a few Chinese language producers and suppliers and a “devoted” chain of warehouses in a number of Chinese language cities.
The Dang household additionally operated and managed a number of overseas entities in “collusion and collaboration” with a key Chinese language member of the syndicate generally known as “Mr King” who, after procuring items from Chinese language producers and suppliers and accumulating the identical in warehouses, exported them to the companies “managed and owned” by the household.
The products imported by the Dang brothers have been “extremely” under-invoiced and the compensatory funds have been remitted overseas via Mago and Sethi, the ED alleged.
The remittances by Mago and Sethi have been made towards “bogus” invoices raised for on-line lease of servers for crypto mining, training software program, lease of naked metallic servers and so forth, it stated.
The probe discovered that no such companies have been truly offered and the remittances have been made to overseas corporations managed by Mago and his accomplices and, from right here, the funds have been made to Chinese language corporations engaged in export of varied merchandise to India, the ED claimed.
(Aside from the headline, this story has not been edited by EDNBOX workers and is printed from a syndicated feed.)