ED started investigation on the basis of FIR filed by Kerala Police.
New Delhi:
The Enforcement Directorate (ED) has seized Rs 123 crore belonging to Singapore-based shell entities deposited in the bank accounts of Mumbai-based NIUM Indian Pvt Ltd as part of its investigation into illegal online lending, gambling and money laundering case. Betting apps through a group of mule accounts in Kerala.
The amount was seized following searches conducted last week at 10 locations in Mumbai, Chennai and Kochi at the premises of NIUM India Pvt Ltd and its Mumbai-based directors, Exodus Solutions Pvt Ltd, Vikra Trading Enterprises Pvt Ltd, Tyrannus Technology Pvt Ltd, Future Went. Vision Media Solutions Pvt Ltd, Aprikivi Solutions Pvt Ltd in Chennai and Raphael James Rozario in Kochi have been appointed to trace and trace the proceeds of crime in the case.
According to the ED, the amount of Rs 123 crore seized by the agency is suspected to be the proceeds of crime, which are linked to Singapore-based shell entities and deposited in the bank accounts of NIUM Indian Pvt Ltd. Ltd. on their behalf.
In the operation, the ED also recovered and seized several digital devices, various incriminating documents, details of several bank accounts used for laundering and various movable and immovable properties of the accused persons and entities.
ED initiated investigation based on FIRs lodged by Kerala Police and Haryana Police on complaints lodged by various persons for their exploitation and fraud through online platforms like loan, gambling and betting apps being controlled by Chinese entities. .
The ED investigation revealed that the proceeds of crime generated from apps and other platforms are collected and laundered through accounts opened in various banks in Kerala using payment aggregators.
The agency said, “The money was collected through multiple shell companies in Chennai, Bengaluru, Delhi and Mumbai, and ultimately outside India through various channels such as fake import of software from Singapore and foreign currency purchases against crypto currencies.” Was being sent.” in a statement.
ED’s investigation revealed that the accused created several shell entities in India and used the proceeds of crime to route them into shell companies set up in Singapore.
“These Singapore shell entities would issue fake invoices for the supply of software and other services in the name of shell Indian entities in India, where the proceeds of crime would have already been collected. These invoices would be routed through a global foreign exchange settlement called NIUM Singapore Pte. Ltd. (Singapore) whose Indian subsidiary is NIUM India Pte. Ltd., which collects funds from Indian entities on the basis of fake invoices and makes outward remittances to NIUM Singapore Pte. Ltd. in the name of payment for technical services. and such funds shall be credited to the Virtual Wallet of the Singapore Shell Entities.”
Except for the fake invoices, no other documents were collected from the remitters by NIUM India Pvt Ltd, the ED said.
“Thus, shell remitter, shell remitter and fake import transactions were concealed from banks and monitoring agencies and the proceeds of crime were remitted out of India,” the ED said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
