Kritika Dahal, Director of Hongkong-based International Rising Limited was arrested by the Enforcement Directorate on charges of money laundering.
Kritika Dahal, Director of Hongkong-based International Rising Limited was arrested by the Enforcement Directorate on charges of money laundering.
She was arrested on February 25 and has been granted the custody of the Enforcement Directorate till February 28.
A case has been registered under Prevention of Money Laundering Act, 2002 (PMLA) by the Enforcement Directorate.
The arrest follows an FIR that was filed against Ritesh Jain for opening bank accounts in the name of fake companies and facilitating illegal transactions.
During the course of investigation, it was revealed that the accounts were used for materialising illegal transactions of huge amounts which were credited in the aforementioned accounts. Layering of these funds has been done through more than 500 accounts.
Funds from all companies/firms were credited through RTGS to M/s Rajeshwar Exports Pvt. Ltd. which were utilised for outward remittance to Hong Kong in guise of payment of import of overvalued consignments of total 355 Bills of Entries.
It was found that total outward remittance of USD 21.22 crores (Approx. Rs 1421 Crore) were undertaken from the account of Rajeshwar Exports Pvt. Ltd. within a period of one year.
Out of this, more than Rs. 92 crores was deposited in various accounts in cash after demonetisation, which was then transferred to the accounts of Rajeshwar Exports.
Furthermore, an amount of Rs. 1478.85 crore is yet to be credited to Rajeshwar Exports Pvt. Ltd. against export made from the company.
Out of this, only one company, International Rising Limited, has received USD 14.79 (approx. Rs 990 crore) crore for supply of 220 consignments of diamonds/gold, which appear to have been valued at a rate ten times higher than the original.
During the investigation, it was found that International Rising Limited HK was controlled by an Indian Resident, Kritika Dahal who owned 99.99 percent shares of this company.
Dahal was intercepted at the airport and was summoned under section 50 of the PMLA to appear before the Directorate on February 25, 2017. She admitted that she became director of International Rising Limited on instructions of Ritesh Jain.
Further, she also admitted to having knowledge of the overvaluation of the diamonds/goods which were being exported by International Rising Limited to Rajeshwar Exports Pvt. Ltd.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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