Enforcement Directorate (ED) has raided multiple locations in Delhi and Mumbai in connection with a 700 crore rupees Dubai-linked hawala trade racket. ED said raids were linked to the businesses and alleged illegal financial transactions linked to a Dubai-based hawala operator Pankaj Kapur. He is already being probed by the central probe agency in a hawala case to the tune of 3,700 crore rupees.
Preliminary enquiry revealed that hawala transactions are being carried by one of Kapur’s Indian company by collecting money in cash in India and transferring the same to the companies abroad against the payment of import of diamonds. The ED said, these overseas companies have been prima facie found to be owned and controlled by Pankaj Kapur only.
It said searches were also conducted at the offices of two Chartered Accountants and a custom house agent (CHA) who helped Kapur in creating the web of shell firms/companies, managing the books of accounts and filing import documents with the Customs department. Kapur has used over 50 firms/companies to channelise the money collected in cash from various persons in India for transferring the same aboard.
During the raids, 29.19 lakh rupees in cash and incriminating documents which includes electronic gadgets, diaries having the record of hawala transactions and stamps of more than 150 shell firms were found and seized.