The Enforcement Directorate on Tuesday seized Rs 2.54 crore in “unexplained” cash, some of which was found concealed in a washing machine, following searches conducted in multiple cities connected to a case of suspected violation of foreign exchange regulations.
The premises of companies such as Capricornian Shipping and Logistics Pvt Ltd, along with its directors Vijay Kumar Shukla and Sanjay Goswami, as well as associated entities like Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stawart Alloys India Pvt Ltd, Bhagyanagar Limited, Vinayak Steels Limited, Vashishta Constructions Pvt Ltd, were searched, as stated in an official announcement.
This enforcement action was initiated based on “credible information” suggesting the involvement of these entities in large-scale foreign exchange transactions outside India. They were also suspected of making “suspicious” outward remittances totaling Rs 1,800 crore to Galaxy Shipping and Logistics Pte Ltd. and Horizon Shipping and Logistics Pte Ltd, both managed by an individual named Anthony De Silva, according to the statement.
Capricornian Shipping and Logistics Pvt Ltd, Laxmiton Maritime along with its associates made outward remittance to the tune of Rs 1,800 crore to the Singapore-based entities in the garb of bogus freight services, imports and layering them through web of complex transactions with the help of shell entities like Neha Metals, Amit Steel Traders, Triple M Metal and Alloys and HMS Metals. During the course of the search, unexplained cash amounting to Rs 2.54 crore, part of which was hidden in a washing machine, was found and all of this amount has been seized apart from various “incriminating” documents and digital devices.
A total of 47 bank accounts have been frozen as well, the ED said.
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