Cleaning up money?Investigating agency finds Rs 25 crore hidden in washing machine

These transactions were completed through complex transactions with the help of shell entities

New Delhi:

In a case of alleged violation of foreign exchange laws, the Enforcement Directorate (ED) seized Rs 254 crore in “unaccounted” cash, part of which was hidden in a washing machine, during raids in several cities.

The premises of several companies and their directors were raided, including Capricornian Shipping and Logistics Pvt Ltd, Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stewart Alloys India Pvt Ltd, Bhagyanagar Limited, Vinayak Steels Limited and Vashishta Constructions Pvt Ltd. Partners of these companies such as Vijay Kumar Shukla, Sanjay Goswami, Sandeep Garg and Vinod Kedia are also under investigation.

The searches were carried out at various locations in Delhi, Hyderabad, Mumbai, Kolkata and Kurukshetra in Haryana over the past few days, but the ED did not reveal where the cash in the washing machines was recovered.

The action was based on “credible information” that these entities were involved in “large-scale” transfers of foreign currency outside India. They sent “suspicious” remittances amounting to Rs 1,800 crore to Galaxy Shipping and Logistics and Horizon Shipping and Logistics in Singapore.

Both overseas entities are managed by Anthony De Silva. Capricornian Shipping and Logistics, Laxmiton Maritime and their associates wired Rs 1,800 crore to entities in Singapore under the guise of false freight services and imports.

The transactions were done through complex transactions with the help of shell entities such as Neha Metals, Amit Steel Traders, Triple M Metal and Alloys and HMS Metals.

During the search, unidentified cash worth Rs 254 crore was discovered and seized, part of which was hidden in the washing machine. Various “incriminating” documents and digital devices were also seized during the raids. A total of 47 bank accounts of the entities involved were also frozen.