Enforcement Directorate (ED) has arrested Delhi-based Deepak Nayyar in a case linked to the alleged laundering of funds worth Rs 1,146 crore by forging Air Way Bills of reputed companies in the guise of freight forwarding services on May 5, the ED said in a press statement on Monday.
Mr 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.
During the course of the fund trail investigation, ED came across the new modus operandi of use of forged Air Way Bills of reputed companies in the guise of freight forwarding services and fake invoices in the guise of import of cloud rental services to send bogus foreign outward remittances from multiple bank accounts of multiple shell companies, which led to the flight of Rs 1146 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.
Earlier one CA, Ravi Kumar was arrested on December 27, 2021 in this case. The suspected mastermind and the proprietors of the shell firms are absconding.
On the basis of fund trail investigation, further investigation is going on.