Chennai, Aug 7, 2020
The Enforcement Directorate on Thursday said it has attached properties worth Rs 7 crore of NAC Jewellers (P) Ltd, promoted by Anantha Padmanaban, under the Prevention of Money Laundering Act (PMLA).
The property attached includes a 9,600 square foot plot and a commercial building measuring 20,292 square foot, it said.
According to the ED, the matter related to complaint received by the Crime Branch, Surat from ICICI Bank against R.A. Distributors (P) Ltd and others for allegedly preparing fake bills of entry and presenting the same for payment to the bank for illegal outward remittance in the guise of imports.
A total of nine companies having accounts with ICICI Bank, Surat remitted huge amounts of money, on the basis of forged bills of entry, to three companies in UAE and 15 companies in Hong Kong.
As per the ED statement, the main sources of credit in these accounts were eight entities including Vandana & Co, Natural Trading, Maruti Trading and others having accounts in Axis Bank, along with 469 other entities.
It said the eight entities having their account in Axis Bank had received funds, through various cheque discounters and a web of around 2,700 companies.
It was further revealed that Afroz Mohamed Hasanfatta, Madanlal Jain, Bilal Haroon Gilani, Jayesh Desai, Rakesh Kothari were involved in this racket and had created shell companies using dummy persons as directors/partners.
The ED said the main conspirator Jain had earned commissions on the illegal transactions and a part of that – Rs 7 crore – was routed through NAC Jewellers’ bank account with the knowledge of its promoter Padmanaban. (Agency)