Black money travels abroad, ED investigates a diamond import firm for diverting Rs 700 crore to Hong Kong
The Enforcement Directorate has found that a company - Rajeshwar Exports - has diverted money around Rs 700 crore to Hong Kong in the month of November.
On Monday afternoon (December 26), the Enforcement Directorate (ED) team conducted searches at five locations belonging to Rajeshwar Exports Pvt Ltd, a diamond import company, in Mumbai and Navi Mumbai.
By late evening, after seizure of some indiscriminating documents and recording statements of two company directors, ED officials were shocked to know that the case is having international ramifications.
During its investigation, the ED found that Rajeshwar Exports has diverted money around Rs 700 crore to Hong Kong in the month of November.
THE MODUS OPERANDI
In the beginning, the department had information that in the name of importing diamonds and remitting the money back, Rajeshwar Exports and its subsidiaries had deposited around Rs 100-150 crore in various bank accounts, which needs to be examined. "But after searches, the ED team got to know that amount of Rs 700 crore has been diverted outside the country i.e. Hong Kong last month. It is a case of fake import remittance", a source from ED told Indiatoday.in
For the diversion of black money, at least 7-8 shell companies were created. Later, around 25 bank accounts were opened in various banks in India. "In November, money from these bogus companies started flowing into these bank accounts. Subsequently, with the help of multilayering, the entire money got diverted (RTGS) to an international bank accounts in Hong Kong," the source said.
COMPANY PAID SALARY TO TWO MEN TO POSE AS DIRECTORS
The agency recorded statements of two directors of Rajeshwar Exports - Prashant Vijay Pawar and Sujata Dhan Kumar Kharga - who were nothing but pawns in the hands of management. They were paid Rs 5000 per month to remain in that position. "The proxy owner of this company is still hiding", the source said.
WHOSE MONEY IS IT?
Now the bigger questions are: who's money were inserted in the banking channel, why money was diverted in Hong Kong and who is the ultimate beneficiary of this money outside India? In its probe, ED got to know that one Mumbai-based hawala agent has applied his mind to deposit the entire money in bank accounts and diverted it at one go.
"The hawala man is not the real owner of this money. The hawala agent was being used by paying him a good percentage of commission. The department is still trying to track down the real owner of this money," the ED official told Indiatoday.in.
As per the information available on Ministry of Corporate Affairs website, Rajeshwar Exports is a private company, incorporated on 06 May 2013. It is classified as non-government company and is registered in Mumbai. Its authorized share capital is Rs 2,500,000 and its paid up capital is Rs 100,000. It is into supporting/auxiliary transport activities and travel agencies business.
"It is a small company, which has no capacity to deposit such a big amount by its own," the source said.
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