In a significant development, the Enforcement Directorate (ED) has recently conducted searches in several major cities across India, including Mumbai, Delhi, Hyderabad, Kurukshetra, and Kolkata, under the provisions of the Foreign Exchange Management Act (FEMA). The searches were part of a broader investigation targeting entities allegedly involved in illegal foreign exchange transactions. Among the key names involved in the probe are:
Names Involved in the Investigation:
- M/s. Capricornian Shipping & Logistics Pvt Ltd
- Vijay Kumar Shukla
- Sanjay Goswami
- M/s. Laxmiton Maritime
- M/s. Hindustan International
- M/s. Rajnandini Metals Limited
- M/s. Stawart Alloys India Pvt Ltd
- M/s. Bhagyanagar Limited
- M/s. Vinayak Steels Limited
- M/s. Vashishta Constructions Pvt Ltd
- Sandeep Garg
- Vinod Kedia
- Anthony De Silva (Singapore-based entities: M/s. Galaxy Shipping & Logistics Pte Ltd and M/s. Horizon Shipping & Logistics Pte Ltd)
Uncovering Hidden Cash and Confiscating Incriminating Documents:
During the course of the ED search operation, unexplained cash amounting to Rs 2.54 crore was unearthed, with a portion of it discovered hidden in a washing machine in Mumbai. Additionally, the authorities seized various incriminating documents and digital devices from the premises of the targeted entities. Furthermore, 47 bank accounts associated with the entities under investigation have been frozen as part of the ongoing probe.
Allegations of Suspicious Outward Remittances:
The ED’s investigation was initiated based on credible information suggesting that certain entities were involved in sending large-scale foreign exchange outside India. It was revealed that these entities had allegedly made suspicious outward remittances totaling Rs. 1800 crore to two Singapore-based entities managed by Anthony De Silva. These remittances were purportedly disguised as payments for bogus freight services and imports, and were further routed through a complex network of shell entities.
Continuing Investigation:
The ED’s investigation into the matter is ongoing, with a focus on unraveling the intricate web of transactions and entities involved in the alleged illegal foreign exchange dealings. As the probe progresses, authorities are committed to bringing those responsible to justice and safeguarding the integrity of India’s financial system.
