ED Arrested Two Persons In A Money Laundering Case Worth Rs. 425 Crore

ED Arrested Two Persons In A Money Laundering Case Worth Rs. 425 Crore

The Directorate of Enforcement (ED) detained two individuals, Vikas Kalra and Sidhant Gupta, On June 13, 2022, in a money laundering case involving the unlawful transfer of around Rs. 425 Crore outside of India using 19 fictitious Indian organizations. The FIR was filed by Punjab National Bank against 19 businesses that opened accounts with its Mint Street, Chennai branch and transferred Rs. 425 Crore to various entities in Hong Kong and the UAE over a six-month period served as the foundation for the ED’s money-laundering inquiry.

The promoter directors of entities outside of India were discovered to be the true benefactors after verification revealed the Indian entities to be fake. In this case, one Vikas Klara established three businesses in Hong Kong, serving as the only director, and utilized them to launder Rs. 18.95 crore. In a similar vein, Sidhant Gupta established a company in Hong Kong and used it to launder Rs. 2.5 Crore. Both accused have been placed in judicial custody for 15 days by the Special Court (PMLA).

Further investigation is in process.

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